Payward, the parent company of Kraken, reported $508 million in adjusted revenue for the second quarter of 2026, up 17% year over year. However, adjusted EBITDA dropped sharply to $23 million. Total platform transaction volume declined 18% year over year to $310 billion during the quarter. Revenue grew while transaction volume fell, and asset-based and other revenue represented 60% of total revenue. Payward reported 6.6 million funded accounts, up 42% year over year. The company’s strategy for the second half of the year includes focusing on broader trading products, banking, tokenization, payments, and services sold to third-party platforms.
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