Payward, the parent company of crypto exchange Kraken, reported adjusted pretax profit of $23 million for the second quarter, according to Bloomberg. The figure was down 71% from $79.7 million a year earlier, even as adjusted revenue rose 17% to $508 million. Trading activity on the platform moved in the opposite direction: total volume fell 18% year over year to $310 billion.
The company said funded accounts climbed 42% to a record 6.6 million during the quarter. Co-CEO Arjun Sethi said Payward saw growth in its traditional futures, equities, and tokenized equities businesses as spot trading volumes across the industry declined. He also said the company’s spot market share increased for a third straight quarter.
Bloomberg said the results came as crypto trading activity slowed and exchanges pushed deeper into derivatives and real-world-asset-related products. Earlier this year, Payward cut about 150 jobs and said the use of AI had improved operating efficiency. Bloomberg had previously reported that the company’s closely watched IPO could come as early as later this year, though it may also be delayed until early 2027.
Payward, the parent company of crypto exchange Kraken, posted adjusted pretax profit of $23 million in the second quarter, down 71% from $79.7 million a year earlier, according to Bloomberg.
Adjusted revenue rose 17% year over year to $508 million during the same period. Total trading volume on the platform fell 18% to $310 billion. Payward said funded accounts increased 42% to a record 6.6 million in the second quarter.
Growth shifts beyond spot trading
Co-CEO Arjun Sethi said the company’s traditional futures, equities, and tokenized equities businesses all expanded as spot trading volumes across the industry declined. He also said Payward’s spot market share has increased for three consecutive quarters.
Broader exchange push and IPO timing
As crypto market trading activity slows, multiple trading platforms are expanding into derivatives and real-world-asset-related trading. Earlier this year, Payward cut about 150 employees and said AI adoption improved operating efficiency.
Bloomberg had previously reported that Payward’s closely watched IPO could happen as early as later this year, though it could also be pushed back to early 2027.
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