Kraken parent Payward posted $508 million in adjusted revenue for the second quarter, up 17% year over year, even as crypto spot trading and overall transaction volume declined. Funded accounts jumped 42% to 6.6 million, and non-transaction revenue now makes up 60% of the total.
Kraken parent Payward reported $508 million in adjusted revenue for the second quarter, up 17% year over year despite a decline in crypto spot trading and overall transaction volume. The growth came even as total transaction volume fell 13% year over year to $310 billion, according to the company's Friday earnings report.
Funded accounts climb as revenue mix shifts
Funded accounts increased 42% to 6.6 million even as transaction volume slipped. Payward remained adjusted EBITDA positive at $23 million for the quarter.
Asset-based and other revenue accounted for 60% of total revenue, up from 55% a year earlier, as the company generated a growing share of its revenue outside transaction-based activity. Payward said growth in traditional futures, equities and tokenized equities helped offset weaker crypto spot activity, and it gained spot market share for a third consecutive quarter.
Expansion beyond spot crypto trading
The results follow a year in which Payward pushed beyond spot crypto trading into equities, tokenized stocks, pre-IPO exposure and futures. The company also broadened its financial infrastructure business through acquisitions, including futures trading platform NinjaTrader in May 2025 and regulated derivatives exchange Bitnomial the following year, along with its more recently announced deal to acquire Magic Labs' wallet infrastructure business.
Source: Cointelegraph.com News
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