Payward reports $508 million in second-quarter revenue

Payward reported $508 million in adjusted revenue for the second quarter of 2026, up 17% from a year earlier, as the company behind cryptocurrency exchange Kraken pursues a broader financial infrastructure business. Adjusted EBITDA was $23 million, while transaction volume fell 18% year over year to $310 billion, according to figures reported by the company. Co-CEO Arjun Sethi has described the strategy as building one platform across trading, banking, asset management and services for other businesses, rather than running separate businesses on disconnected systems. Kraken is the group’s trading platform, while Payward Services offers technology and financial infrastructure to outside companies. Sethi said at least 25 companies were developing products using that infrastructure. The expansion combines acquisitions with partnerships. Payward completed its acquisition of derivatives firm Bitnomial on May 1, 2026. The company said Bitnomial’s infrastructure supports regulated U.S. futures and margin products. Payward also acquired futures brokerage NinjaTrader for $1.5 billion, adding traditional futures trading capabilities to its business.