Kraken parent Payward posts 66% drop in Q3 adjusted EBITDA amid crypto downturn

Nov 13, 2026

Kraken parent Payward Inc. reported Q3 2026 adjusted EBITDA of $60 million, representing a 66% year-over-year decline despite a 163% quarter-over-quarter rebound. A 30% drop in platform trading volume to $353 billion weighed on fee revenue, mirroring sector-wide slumps at Coinbase and Gemini. In response, Payward is expanding into non-trading offerings, acquiring Saldo Bank, and preparing U.S. prediction markets while its potential IPO faces delays into 2027.

Payward Q3 2026 financial performance

▪Payward Inc.'s total trading volume fell 30% year over year to $353 billion in Q3 2026
▪Payward Inc., the parent company of crypto exchange Kraken, reported $60 million in Q3 2026 adjusted EBITDA, down 67% from $178.6 million in Q3 and up 163% sequentially from $23 million in Q2 2026
▪Payward Inc. reported Q3 2026 total platform margin of $487 million, which fell 12% year over year but gained 12% quarter over quarter

Payward account growth

▪Payward Inc. ended September 2026 with 7.1 million funded accounts, representing a 37% year-over-year increase
▪Payward Inc. reported 1.5 million billable accounts at the end of September 2026, representing a 74% year-over-year increase

Payward business expansion

▪Income tied to client assets and product access rose to 52% of Payward Inc.'s total revenue, up from 46% a year earlier
▪Payward Inc. designated artificial intelligence as a fifth business pillar alongside trading, banking, asset management, and financial infrastructure

Competitor financial drops in Q3

▪Coinbase Global's third-quarter 2026 revenue declined 35% year over year due to subdued crypto market trading activity
▪Gemini Space Station (GEMI) reported a 19% revenue drop and a 73% slump in trading volume during Q3 2026 amid broader industry slowdowns

Payward corporate expansion and funding

▪The venture capital arm of Nasdaq agreed in September 2026 to invest $100 million in Payward Inc., valuing the company at $21 billion
▪Payward Inc. agreed in October 2026 to acquire Lithuania-licensed Saldo Bank to gain a European banking license
▪Payward Inc. is developing non-trading products including U.S. prediction markets, tokenized equities, and an AI personal finance agent

Payward IPO delay timeline

▪Uncertainty around regulatory approvals for new products and market recovery timing is influencing the scheduling of Payward Inc.'s IPO
▪Payward Inc.'s planned initial public offering, previously discussed for late 2026, may slip into 2027

Payward workforce restructuring and AI

▪Payward Inc. attributed its 2026 employee headcount reductions to operational efficiencies gained from artificial intelligence implementations
▪Payward Inc. reduced its workforce by approximately 150 employees earlier in 2026 as part of a corporate restructuring

Kraken loan agreement with Nakamoto Inc

▪Nakamoto Inc. owes 165 million USDT total to Kraken, with 105 million USDT remaining due on the original deadline of June 30, 2027
▪Kraken amended its loan agreement with Nakamoto Inc. on November 11, 2026, extending the repayment deadline for 60 million USDT to December 4, 2027