Despite a drop in cryptocurrency spot trading and overall transaction volume, Kraken parent Payward announced $508 million in adjusted revenue for the second quarter, up 17% year over year.
The profits report released on Friday shows that although funded accounts rose 42% to 6.6 million, total transaction volume decreased 13% year over year to $310 billion.
At $23 million, Payward’s adjusted EBITDA was still positive. A significant portion of the company’s revenue came from sources other than transaction-based activity, with asset-based and other revenue making approximately 60% of total revenue, up from 55% the previous year.
Payward second quarter 2026 results are live.
– Adjusted Revenue was $508 million, up 17% year over year
– Funded accounts reached 6.6 million, up 42%The quarter’s clearest signal was mix: as spot crypto volumes declined industry-wide, equities and tokenized equities grew -… pic.twitter.com/i0YVlL8Q6t
— Payward (@Payward) August 14, 2026
Growth in conventional futures, stocks and tokenized stocks, according to Payward, helped counteract the decline in cryptocurrency spot activity. Additionally, the business reported that it increased its spot market share for a third straight quarter.
The findings coincide with Payward’s recent expansion into equities, tokenized stocks, pre-IPO exposure and futures, in addition to spot cryptocurrency trading.
Additionally, the company has expanded its financial infrastructure business through acquisitions, such as the regulated derivatives exchange Bitnomial the following year and the futures trading platform NinjaTrader in May 2025. More recently, the company announced a deal to purchase the wallet infrastructure division of Magic Labs.
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