Kraken parent Payward posts 17% revenue growth despite 13% trading volume drop
In brief
- Payward's adjusted Q2 revenue reached $508 million, up 17% YoY despite crypto trading volume decline
- Funded accounts surged 42% to 6.6 million while spot market share gains extended to third consecutive quarter
- Non-transaction revenue now comprises 60% of total revenue, up from 55% year earlier
Revenue Mix Shift Drives Growth
Payward's adjusted revenue reached $508 million in Q2, marking steady expansion despite headwinds in crypto spot trading. The real story isn't the top-line number — it's what's underneath. Asset-based and other revenue accounted for 60% of total revenue, up from 55% a year earlier. That shift reflects a deliberate diversification away from transaction fees alone.
Funded accounts increased 42% to 6.6 million, a metric that matters more than volume for sustainable revenue. More accounts mean more custody, staking, and lending opportunities — all non-transaction sources. The company also gained spot market share for a third consecutive quarter, even as the broader market softened.
Diversification Beyond Spot
Payward said growth in traditional futures, equities and tokenized equities helped offset weaker crypto spot activity. That diversification wasn't accidental. The company acquired futures trading platform NinjaTrader in May 2025 and regulated derivatives exchange Bitnomial the following year. More recently, Payward announced a deal to acquire Magic Labs' wallet infrastructure business, signaling further expansion into non-exchange revenue.
Profitability remained intact. Payward remained adjusted EBITDA positive at $23 million in Q2. That's a narrower margin than some competitors, but it demonstrates the company can grow while maintaining discipline on costs even amid softer crypto activity.
