Kraken parent Payward reported $508 million in adjusted revenue for the second quarter, up 17% year over year despite a decline in crypto spot trading and overall transaction volume.
According to Friday’s earnings report, total transaction volume fell 13% year over year to $310 billion, while funded accounts increased 42% to 6.6 million.
Payward remained adjusted EBITDA positive at $23 million. Asset-based and other revenue accounted for 60% of total revenue, up from 55% a year earlier, as the company generated a growing share of its revenue outside transaction-based activity.
Payward said growth in traditional futures, equities and tokenized equities helped offset weaker crypto spot activity. The company also said it gained spot market share for a third consecutive quarter.
The results come as Payward has expanded beyond spot crypto trading over the past year into equities, tokenized stocks, pre-IPO exposure and futures.
The company has also broadened its financial infrastructure business through acquisitions including futures trading platform NinjaTrader in May 2025 and regulated derivatives exchange Bitnomial the following year, as well as its more recently announced deal to acquire Magic Labs’ wallet infrastructure business.
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