Revenue rose 17% to $508M, but adjusted EBITDA dropped to $23M from $80M. Platform accounts hit 6.6 million even as transaction volume fell 18% year over year.
Alpha Score of 40 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
Kraken parent Payward posted $508 million in adjusted revenue for the second quarter of 2026, up 17% from roughly $433 million a year earlier. Platform transaction volume fell to $310 billion, an 18% year-over-year drop and about 13% below the $357 billion recorded in Q1.
Adjusted EBITDA fell to $23 million from roughly $80 million in Q2 2025, leaving the margin near 4.5% versus 18%. Sequentially the figure improved from $18 million in the first quarter, a modest recovery from a low base.
Kraken said its crypto spot market share rose for a third consecutive quarter even as overall activity declined. Futures daily average revenue trades increased 8% year over year. The platform now has 6.6 million funded accounts, up 42% from a year earlier and rising from 6.1 million at the end of Q1.
Assets held on the platform remained near $40 billion. Payward also reported $65 billion in “Real Assets on Platform,” a measure that strips out price movement to track customer flows. That figure increased 48% year over year, showing underlying asset inflows continued even as trading intensity fell.
The revenue mix shifted noticeably. Asset-based and other revenue generated 60% of total Q2 revenue, compared with 55% a year earlier. The majority now comes from services and holdings rather than transaction fees.
Payward has expanded beyond spot crypto through derivatives, equities, tokenized assets and payments infrastructure. The company acquired NinjaTrader in 2025 and closed the Bitnomial acquisition on May 1, 2026. Bitnomial added a CFTC-regulated U.S. derivatives stack covering brokerage, exchange and clearing.
The group also expanded its xStocks product and developed Payward Services for trading and tokenized-asset infrastructure. Its DeFi Earn Bitcoin Vault had attracted roughly $400 million in deposits at the time of the Q2 update.
Payward’s public-listing plans remain on hold after a confidential U.S. IPO filing in November 2025. Reports in March said the listing was delayed.
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