Payward reports $508 million Q2 revenue as Kraken funded accounts rise 42%

Aug 14, 2026

Payward, the parent company of crypto exchange Kraken, reports a 17% increase in Q2 2026 adjusted revenue to $508 million, driven by a 42% surge in funded accounts to 6.6 million. However, an industry-wide trading slowdown causes its adjusted EBITDA to plunge 71% to $23 million as transaction volumes fall. To counter this, Payward is diversifying into futures and equities while preparing for a potential IPO valued up to $20 billion.

Payward Q2 financial results

▪Payward reported $508 million in adjusted revenue for the second quarter of 2026, representing a 17% increase compared to the same period in 2025.
▪Payward's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 71% to $23 million in the second quarter of 2026, down from $79.7 million in the second quarter of 2025.
▪Payward's total transaction volume reached $310 billion in the second quarter of 2026, representing a decline of 13% to 18% year-over-year.
▪Payward's platform assets reached $40 billion during the second quarter of 2026.
▪Payward's first-quarter 2026 adjusted revenue was $507 million, which was flat compared to the second quarter of 2026.

Crypto market trading slowdown

▪Falling cryptocurrency prices and lower spot trading activity pressured major crypto exchanges, with Bitcoin trading approximately 50% below its October 2025 record high by August 2026.
▪Coinbase posted a net loss for the second quarter of 2026 in July 2026, with its revenue falling 18% year-over-year.
▪Gemini reported a $107.7 million net loss for the second quarter of 2026, with its core exchange revenue sliding 38% despite a 37% rise in services revenue.

Funded account growth

▪Funded accounts on Payward's platform increased 42% year-over-year to a record 6.6 million in the second quarter of 2026.
▪Payward defines funded accounts as platform accounts holding a balance greater than zero.

Revenue diversification beyond spot

▪Payward has expanded beyond traditional cryptocurrency spot trading into futures, equities, tokenized assets, and asset-based services to diversify its revenue streams.
▪Payward acquired the futures trading platform NinjaTrader to expand its offerings into traditional derivatives markets and attract institutional customers.
▪Payward's DeFi Earn Bitcoin Vault attracted approximately $400 million in deposits by the second quarter of 2026.

IPO preparation timeline

▪Payward cut approximately 150 jobs in early 2026, citing efficiency gains from artificial intelligence.
▪Recent secondary funding rounds valued Payward in the range of $13 billion to $20 billion.
▪Payward has been preparing for a potential initial public offering that may take place in late 2026 or early 2027.

Competitive market share gains

▪Payward co-CEO Arjun Sethi reported that the company's traditional futures, equities, and tokenized equities activity grew despite an industry-wide decline in crypto spot volumes.
▪Payward co-CEO Arjun Sethi stated that the company gained spot market share for the third consecutive quarter in the second quarter of 2026.