Kraken parent company Payward revenue reached $508 million, trading volume fell 18% in the second qu

TLDR：

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TLDR:

Payward's second-quarter revenue increased 17% and trading volume fell 18%

Kraken expanded its revenue structure to support 6.6 million accounts

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Payward's second-quarter adjusted revenue increased 17% year-on-year to US$508 million, Although platform transaction volume fell 18% to US$310 billion.

Adjusted EBITDA fell to US$23 million from approximately US$80 million in the same period last year, reducing Payward's profit margin to approximately 4.5%.

Kraken's funded accounts increased 42% year-on-year to 6.6 million, while assets held by the platform remained at nearly US$40 billion.

As Payward diversified, asset-based and other income accounted for 60% of revenue in the second quarter, up from 55% in the same period last year.

Kraken parent company Payward reported adjusted revenue of US$508 million for the second quarter of 2026, although platform transaction volume fell 18% year-on-year. Revenue increased 17% from approximately US$433 million in the second quarter of 2025 and was basically the same as the US$507 million recorded in the first quarter.

However, profitability weakened significantly, with adjusted EBITDA falling to US$23 million from approximately US$80 million in the same period last year. This brought the adjusted EBITDA margin to close to 4.5% in the second quarter, compared with approximately 18% in the same period in 2025.

Kraken parent company Payward reported second quarter revenue of $508 million, adjusted EBITDA fell to $23 million

Kraken's parent company Payward reported adjusted revenue of $508 million in the second quarter, a year-on-year increase of 17%, while adjusted EBITDA fell to $23 million from approximately $80 million in the same period last year. Total... pic.twitter.com/hOcOt5zCmP - Wu Blockchain (@WuBlockchain) August 16, 2026

On a month-on-month basis, EBITDA improved from US$18 million in the first quarter. Although it dropped significantly year-on-year, it showed a moderate quarterly recovery. These data suggest that while reduced trading activity and expansion costs continue to weigh on profits, the company is achieving more revenue through a broader product portfolio.

Payward's revenue increased by 17%, and transaction volume fell by 18% in the second quarter.

Despite the increase in revenue, the platform's total transaction volume fell to US$310 billion in the second quarter, a year-on-year decrease of 18%, and a decrease of approximately 13% from US$357 billion in the first quarter.

Despite the weak trading environment, Kraken said its cryptocurrency spot market share increased for the third consecutive quarter. At the same time, trading activities of traditional futures, stocks and tokenized stocks have expanded, and the average daily income trading volume of futures increased by 8% year-on-year.

Customer growth remains strong despite declining transaction volumes. Funding accounts reached 6.6 million, a year-on-year increase of 42%, an increase from 6.1 million at the end of the first quarter.

At the same time, despite weak market conditions and reduced trading activity, assets held by the platform remained at nearly US$40 billion. Payward also reported $65 billion in "platform real assets," a measure of customer traffic while keeping asset prices constant. This figure increased by 48% year-on-year. As a result, the data shows that asset flows from basic customers continue to grow even as market prices weaken and trading activity declines.

Kraken expands its revenue structure to support accounts of 6.6 million

The quarter also showed significant changes in revenue sources. Asset-based and other income accounted for 60% of total revenue in the second quarter, compared with 55% a year ago. This means that most revenue now comes from assets and services rather than transaction-based businesses. Payward has expanded beyond spot cryptocurrency trading through derivatives, stocks, tokenized assets, payments and financial infrastructure.

The company acquired NinjaTrader in 2025 and completed the acquisition of Bitnomial on May 1, 2026. The deal adds to the U.S. derivatives business regulated by the U.S. Commodity Futures Trading Commission, covering brokerage, exchanges and clearing infrastructure. The group has also expanded xStocks and developed Payward Services for trading, payments and tokenized asset infrastructure. As of the second quarter update, its DeFi Earn Bitcoin Vault had attracted approximately $400 million in deposits.

At the same time, Payward's listing plans were still delayed after secretly filing U.S. initial public offering documents in November 2025. The company was valued at US$20 billion before it was reported in March that its listing was shelved.

The core contrast in the second quarter was clear: revenue and funding accounts grew, while platform transaction volume and EBITDA remained well below last year's levels.

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