Key Highlights
- Q2 adjusted revenue reached $508M, marking a 17% year-over-year increase
- Transaction volume declined 13% to $310 billion amid weakened crypto spot trading
- Platform funded accounts surged 42% to reach 6.6 million users
- Non-trading revenue sources now account for 60% of total revenue, compared to 55% previously
- Strategic acquisitions and product launches continue as company eyes future IPO
Payward, the entity behind cryptocurrency exchange Kraken, generated $508 million in adjusted revenue during Q2 2026. This represents a solid 17% year-over-year gain, occurring despite widespread declines in crypto spot trading activity throughout the sector.
Platform transaction volume decreased 13% compared to the prior year period, totaling $310 billion. The company attributed this contraction to softening in crypto spot market activity, characterizing it as a challenge affecting the broader industry.
The company maintained profitability on an adjusted basis throughout the quarter. For the three months ending June 30, adjusted EBITDA registered at $23 million.
Diversification Reshapes Revenue Composition
Asset-based and alternative revenue streams now represent 60% of Payward’s total income, climbing from 55% in the comparable period last year. This shift indicates the company is increasingly generating revenue from services such as staking, custody solutions and other offerings beyond traditional transaction fees.
The platform’s funded account base expanded 42% to 6.6 million users. Platform assets under management totaled $40 billion.
According to Payward, the company captured increased spot market share for three consecutive quarters, even as aggregate spot trading volumes contracted industry-wide.
The company highlighted expansion in equities, tokenized equity products and conventional futures as segments that helped offset declining crypto spot trading performance.
Strategic Acquisitions Fuel Business Expansion
Payward has pursued an aggressive acquisition strategy to enter new financial product categories. The company finalized its acquisition of derivatives platform Bitnomial on May 1, establishing a complete regulated derivatives offering in the United States.
On July 1, Payward integrated stablecoin payment provider Reap into its operations. Later in July, the company announced plans to acquire Magic Labs’ wallet infrastructure division to enhance its enterprise service capabilities.
These transactions build upon previous strategic purchases, including the May 2025 acquisition of futures trading platform NinjaTrader.
Throughout the quarter, Payward introduced multiple new offerings. These product launches encompassed regulated spot margin trading and perpetual futures contracts for U.S. customers, tokenized pre-IPO investment opportunities, and crypto-collateralized lending products.
The company’s DeFi Earn Bitcoin Vault attracted approximately $400 million in customer deposits.
Payward also reported accelerating growth in European markets following its compliance authorization under MiCA, the comprehensive cryptocurrency regulatory framework implemented by the European Union.
Co-CEO Arjun Sethi articulated the company’s vision as creating “one platform rather than a collection of products,” integrating cryptocurrency, equities, derivatives and regulated financial services infrastructure.
Payward suspended its initial public offering plans earlier in 2026 and has yet to disclose a revised timeline for pursuing a public market listing.
The quarterly performance demonstrates a company systematically decreasing its reliance on crypto spot trading revenue, with payment solutions, tokenized assets and derivatives products assuming increasingly important roles in its expansion trajectory.
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