Kraken's parent company, Payward, reported a 17% year-over-year increase in adjusted revenue for the second quarter, reaching $508 million. Spot cryptocurrency trading volume and total transaction volume both declined.
According to an earnings report published on Friday, total transaction volume fell by 13% year-over-year to $310 billion. The number of funded accounts grew by 42% to 6.6 million.
Payward's adjusted EBITDA remained positive at $23 million. Revenue from assets and other sources accounted for 60% of total revenue, compared to 55% a year earlier. An increasing share of the company's income is coming from non-transactional activities.
Payward stated that growth in traditional futures, stocks, and tokenized stock segments helped offset weaker activity in the spot crypto market. The company reported gaining spot market share for the third consecutive quarter.
The results come amid Payward's expansion of activities beyond spot cryptocurrency trading. Over the past year, the company has entered the segments of stocks, tokenized stocks, pre-IPO company investments, and futures.
The company expanded its financial infrastructure business by acquiring the futures trading platform NinjaTrader in May 2025, the regulated derivatives exchange Bitnomial a year later, and the recently announced deal to acquire Magic Labs' wallet infrastructure business.
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