Payward, the parent company of crypto exchange Kraken, reported better-than-expected first-quarter results, even though the cryptocurrency market faced tough conditions.
The company reported adjusted revenue of $507 million for the quarter, a 3% increase from the same period last year. This performance stood out as many major crypto firms struggled with lower trading activity and weaker investor sentiment.
Payward said that growth in futures trading and new business areas helped make up for weaker results in its main spot trading business. The company’s futures daily average revenue trades rose 51% year-over-year, thanks to more derivatives offerings and acquisitions.
The wider crypto market faced a lot of pressure during the quarter. Bitcoin fell about 22%, and the total cryptocurrency market capitalization dropped nearly 23%. Spot trading volumes across the industry also fell sharply as investors became more cautious.
Despite these challenges, Kraken grew its spot market share to 5.2% by March, up from about 3.5% last year. Analysts think the exchange benefited from a stronger base of institutional clients and a growing derivatives business compared to some competitors.
The company also kept investing heavily in acquisitions and infrastructure, rather than just focusing on short-term profits. Recent acquisitions included companies working in tokenization, derivatives trading, and crypto payments.
Payward’s funded accounts grew 47% year-over-year to 6.1 million, and total assets on the platform rose to about $40 billion.
Co-CEO Arjun Sethi said the company kept expanding while many competitors slowed down during the market downturn.
These results show that major crypto exchanges are diversifying beyond spot trading as the industry matures and competition grows.
Q1 2026: Payward Financial Highlights live.
Q1 was a solid quarter against a genuinely tough backdrop.
✔️ Adjusted Revenue of $507 million, up 3% year-over-year
✔️ Assets on Platform: $40 billion, up 11% year-over-year
✔️ Funded Accounts: 6.1 million, up 47% year-over-year… pic.twitter.com/GXOiZnL967
— Payward (@Payward) May 18, 2026
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