Payward, the parent of Kraken, posted second-quarter adjusted revenue of $508 million, up 17% year over year, and remained adjusted EBITDA positive at $23 million even as crypto spot volumes fell across the industry.
The financial disclosure showed that growth broadened beyond trading ahead of an IPO the company paused earlier this year and has not rescheduled.

We'd love your feedback.

Take a 30-second survey to help improve The Block.

Payward, Kraken's parent company, reported second-quarter adjusted revenue of $508 million, up 17% year over year, and remained adjusted EBITDA positive at $23 million for the quarter ended June 30.

Payward's growth came despite a decline in crypto spot volumes across the industry. Total platform transaction volume dropped 13% year over year to $310 billion, with the mix shifting toward equities and tokenized equities, and the company said it gained spot market share for a third consecutive quarter.

Also, asset-based and other revenue climbed to 60% of total revenue from 55% a year earlier. Funded accounts rose 42% to 6.6 million, with the company citing momentum in the European Economic Area following its MiCA authorization. Assets on platform stood at $40 billion, Payward disclosed on Friday.

"Three forces are rearranging global markets: convergence across asset classes, the onshoring of activity into regulated venues, and the automation of market participation," said Arjun Sethi, co-CEO of Payward.

Sethi tied the results to the company's decision to build a single platform rather than separate products.

Payward also continued its acquisition push during and after the quarter. It closed its purchase of derivatives venue Bitnomial on May 1, completing its U.S. CFTC-regulated derivatives stack.

The firm then closed its acquisition of stablecoin payments platform Reap on July 1, and on July 27, it agreed to acquire Magic Labs' wallet infrastructure business to add embedded wallets to its B2B services stack.

The results land against an unsettled path to public markets. Payward confidentially filed a draft S-1 with the SEC on Nov. 19, 2025, and publicly confirmed its IPO plans in April after pausing the listing in March over market conditions. The company has not set a new timeline, and it was valued at $20 billion in a November funding round.

Payward reported $507 million in adjusted revenue in the first quarter, and $2.2 billion for full-year 2025, per The Block.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

RATINGS

Best crypto cards with token rewards in 2026

See more ratings