Kraken parent Payward revenue rises 17% as trading volume falls in Q2
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Kraken’s parent company Payward reported $508 million in adjusted revenue for Q2, marking a 17% increase year over year despite a 13% decline in crypto spot trading and overall transaction volume. The company grew funded accounts by 42% to 6.6 million and remained adjusted EBITDA positive at $23 million. Payward attributed revenue growth to expanding activity in traditional futures, equities, and tokenized equities.
Why it matters
The report highlights Payward’s successful revenue growth despite a falling crypto trading volume, suggesting a diversification of its income sources. Growth in non-crypto spot areas like futures and equities seems to offset weaker spot market activity, which could indicate shifting trends within the industry. This development may influence how crypto exchanges approach revenue strategies beyond spot trading.
Key context
Payward has been broadening its business beyond crypto spot trading over the last year by entering equities, tokenized stocks, pre-IPO exposure, and futures markets. The company has also made acquisitions of futures platform NinjaTrader in May 2025, derivatives exchange Bitnomial shortly afterward, and recently announced a deal to acquire Magic Labs’ wallet infrastructure business. These moves support its shift towards a wider financial infrastructure.
Key numbers and entities
Payward reported $508 million in adjusted revenue, a 17% year-over-year increase; total transaction volume fell 13% to $310 billion. Funded accounts increased 42% to 6.6 million, with adjusted EBITDA at $23 million. Key acquisitions include NinjaTrader (May 2025), Bitnomial, and Magic Labs’ wallet infrastructure. Kraken is the exchange run by Payward.
What remains unclear
The source does not flag open questions or limitations regarding the report or Payward’s future outlook.