Payward's second quarter revenue of $508 million: confirmed data and self-reported data

Payward's revenue for the second quarter of 2026 is US$508 million: What data has confirmed and what is self-reported

Payward, the parent company of cryptocurrency exchange Kraken, achieved adjusted revenue of US$508 million in the second quarter of 2026, a year-on-year increase of 17%. This data comes from reports released by Cointelegraph and Crypto Briefing on August 14, 2026, both of which quoted Payward's own financial reports. Cointelegraph called it "Friday's earnings report" but did not give a specific release date for the earnings report. The number of capitalized accounts increased by 42% to 6.6 million, while total transaction volume during the same period fell by 13% year-on-year. -- However, this page does not hold the original financial report, but is only based on the paraphrasing of the financial report by two industry media.

Data confirmed by multiple sources

The following three figures appeared in both complete reports: adjusted revenue was US$508 million, a year-on-year increase of 17%; funded accounts increased by 42% to 6.6 million; and total transaction volume dropped by 13% year-on-year. The title of The Block also shows the same adjusted revenue figure of $508 million. However, this page only holds the title of The Block, so other than the title itself, no other reported figures (including a 17% growth rate, 42% account data or a specific amount of transaction volume) cannot be attributed to the media.

Both Cointelegraph and Crypto Briefing mentioned that Payward's acquisition of futures trading platform NinjaTrader is part of its expansion from spot cryptocurrency trading to diversified business. Crypto Briefing describes it as an expansion into futures, asset-based services and other financial products;Cointelegraph sees it as an expansion into futures, stocks, tokenized stocks and Pre-IPO exposure, and is the only media to give a trading date (May 2025).

Data reported by only a single media

The following data is only from Cointelegraph: transaction volume is US$310 billion (Crypto Briefing reported the same 13% year-on-year decline, but did not give a specific amount); adjusted EBITDA was $23 million; asset class and other income accounted for 60% of total revenue, up from 55% in the same period last year; acquisition of derivatives exchange Bitnomial, and announced acquisition of Magic Labs 'wallet infrastructure business. Cointelegraph also reported that Payward said its spot market share has increased for the third consecutive quarter.

Another set of data comes only from Crypto Briefing: adjusted revenue for the full year of 2025 was US$2.2 billion, a year-on-year increase of 33%; adjusted revenue for the first quarter of 2026 was US$507 million, a year-on-year increase of 3%; and recent secondary financing rounds have valued Payward at between US$13 billion and US$20 billion-the valuation data itself was quoted by Crypto Briefing in unnamed reports rather than public documents.

Why "Adjusted Revenue" and "Adjusted EBITDA" are not audited earnings data

Payward is a private company and is not obligated to file a Form 10-Q with the U.S. Securities and Exchange Commission, and neither of the two fully reported media outlets said whether the data had been reviewed or audited by an accounting firm. Terms such as "adjusted revenue" and "adjusted EBITDA" are defined by the company in its own releases-neither Cointelegraph nor Crypto Briefing cite Payward's specific methods of which items are added back or eliminated. This is important because the "adjusted" data is inherently different from GAAP data, and neither article disclosed the size of this difference. A common misconception is to equate a number like $508 million to two decimal places with one line in audited financial statements. In fact, this is just a company's description of its own performance, provided to reporters rather than submitted to regulators.

What this page does not tell you

This page is based on two industry media articles reporting Payward's earnings, not the earnings themselves-we do not hold Payward's own shareholder letters or press releases, so no numbers can be checked against Payward's original text. The Block is quoted only in the form of a title, so nothing other than the title cannot be attributed to the media. Neither Cointelegraph nor Crypto Briefing stated whether any numbers had been reviewed or audited by an accounting firm, nor did Payward disclose Payward's own definitions of "adjusted revenue,""asset class income" or "adjusted EBITDA." Neither source mentioned whether Payward had applied for an IPO or set a timetable. The valuation range of US$13 billion to US$20 billion cited by Crypto Briefing is derived from an unnamed secondary financing round and is not a specific transaction or document, so it cannot be further verified on this page.