Payward Reports $508M Q2 Revenue Amid Rising Funded Accounts and Declining Volume

Payward, the parent company of the cryptocurrency exchange Kraken, has announced a revenue of $508 million for the second quarter of 2026, reflecting a 17% increase compared to the same period last year. This growth comes alongside a significant rise in funded accounts, which increased by 42% to reach 6.6 million, despite a 13% decline in total transaction volume.

The divergence between rising revenue and falling trading volume highlights a strategic shift for Payward. The company has been expanding its offerings beyond traditional spot trading, venturing into futures and asset-based services. A notable acquisition in this direction was NinjaTrader, a futures trading platform, which aligns with Payward's goal to attract a more diverse customer base, including institutional traders.

Historically, Q2 has been a slower period for trading volumes in the crypto market, making the revenue growth particularly noteworthy. In a broader context, Payward's full-year adjusted revenue for 2025 is projected to reach $2.2 billion, marking a 33% year-over-year increase.

Despite the positive revenue figures, Payward reported a significant drop in adjusted pretax profit, which fell 71% to $23 million. This decline raises questions about the sustainability of its growth strategy, especially as competitors like Coinbase reported a decrease in revenue during the same period.

Payward's aggressive acquisition strategy, totaling approximately $2.65 billion over the past 18 months, suggests a commitment to diversifying its revenue streams. The company aims to position itself favorably for an eventual IPO, with recent funding rounds valuing it between $13 billion and $20 billion.