Payward Q2 Revenue Rises 17% as Profit Falls 71%

Payward, the parent company of cryptocurrency exchange Kraken, reported second-quarter adjusted revenue of $508 million, a 17% increase year-over-year, even as the broader crypto market experienced a significant slowdown. The results, disclosed in a shareholder letter and company statements on August 14, 2026, showed a company navigating a challenging environment by diversifying its revenue streams and expanding its user base, though profitability was sharply impacted.

The revenue growth occurred against a backdrop of declining industry activity. Total platform transaction volume fell 13% to $310 billion, and crypto spot trading volume dropped 27.9% industrywide in the second quarter. Despite this, Payward gained spot market share for a third consecutive quarter. The company attributed its resilience to a strategic shift toward asset-based and other revenue, which rose to 60% of total revenue from 55% a year earlier. This category includes income tied to client balances rather than individual trades.

A key driver of this shift was a surge in user growth. Funded accounts rose 42% year-over-year to a record 6.6 million, with particular momentum in the European Economic Area...