Payward Reports $508M Q2 Revenue Amid EBITDA Drop

Payward Reports $508M Q2 Revenue Amid EBITDA Drop

Payward, the parent company of Kraken, has announced an adjusted revenue of $508 million for the second quarter of 2026, marking an increase of 17% year-over-year. However, the company experienced a substantial decline in adjusted EBITDA, which fell to $23 million, down from $80 million in the same period the previous year.

Decline in Transaction Volume

The total platform transaction volume for Payward decreased by 18% year-over-year, reaching $310 billion during the quarter. The company indicated that this decline was partially driven by weaker spot trading in cryptocurrencies, despite increases in traditional futures and equities.

Revenue Composition Shifts

Notably, asset-based and other revenue sources represented 60% of total revenue, increasing from 55% the previous year. This shift suggests less reliance on transaction fees and highlights a growth area for the company, even as spot trading declined.

Increase in Funded Accounts

Payward reported having 6.6 million funded accounts, up 42% compared to the past year, representing the highest number in the company’s history. This figure, however, should be interpreted with caution due to changes in how funded accounts are defined this year compared to prior years.

Strategic Expansion and Future Outlook

The company continues to make strategic moves, having acquired Bitnomial, a CFTC-regulated market, on May 1, aiming to enhance its U.S. derivatives offerings. With plans to further expand into broader trading products and banking services, Payward anticipates that its second-half strategy will focus on growth and innovation in these areas.

As Payward prepares for its next financial report, the focus will remain on whether it can achieve continued revenue growth while improving profitability amid the challenging market conditions it faces.