Payward, Kraken's parent company, reported third-quarter adjusted EBITDA down 67% from a year earlier. It also switched its headline revenue measure and recast earlier figures. Trading volume fell, while its share of industry spot volume rose.
Payward, Kraken's parent company, said on Friday its third-quarter adjusted EBITDA fell 67% from a year earlier, to $60 million. That EBITDA measure was $181 million in Q3 2025.
Total platform margin (TPM), the top-line figure Payward now reports, dropped 12% to $487 million over the same period.
Payward changes its revenue measure
Payward switched to TPM this quarter. The new measure deducts trading costs and the staking rewards Payward pays to clients, while adjusted revenue, the figure it replaced, deducted trading costs but left staking rewards in.
On that older basis, third-quarter revenue fell 15% to $553 million from $650 million.
The release also recast second-quarter adjusted revenue to $498 million, against the $508 million Payward reported in August. A footnote says earlier figures now include small revenue reductions that had been booked as operating expenses.
Trading volume falls 30%
Total platform transaction volume fell 30% to $353 billion from $503 billion a year earlier. However, Payward said its share of industry spot volume rose to 6.5% in September from 3.3% a year before, citing CoinMarketCap data.
Average assets on the platform fell 21% to $43 billion. Payward also reports that figure at constant prices, which holds asset prices steady, and on that basis average assets rose 29% to $71 billion.
Source: CryptoPotato
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