Bloomberg reported that Payward, the operator of crypto exchange Kraken, posted adjusted pre-tax profit of $23 million for the second quarter of 2026, down 71% from $79.7 million a year earlier. The company said weaker industry trading activity weighed on profitability even as revenue continued to rise. Adjusted revenue increased 17% year over year to $508 million in the same period. According to Payward, soft trading volumes across the broader crypto market put pressure on earnings despite top-line growth. The disclosure shows a gap between revenue expansion and profit performance as market conditions remain subdued. Kraken has spent recent years expanding its institutional business, derivatives trading, and on-chain services, but shifts in the industry cycle are still weighing on its core trading operation.
Bloomberg reported that Payward, the operator of Kraken, said adjusted pre-tax profit fell to $23 million in the second quarter of 2026 from $79.7 million a year earlier, a 71% decline, as trading activity across the crypto industry slowed.
Adjusted revenue still rose 17% year over year to $508 million in the quarter. Payward said that while revenue kept growing, weak trading volumes across the broader crypto market continued to pressure profitability.
Kraken has expanded its institutional business, derivatives trading, and on-chain services in recent years, but changes in the industry cycle are still weighing on its core trading business.
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