Funded accounts grew 42% to 6.6 million; asset-based and other revenue reached 60% of total revenue as growth broadened beyond trading
Payward, Inc., the unified financial infrastructure platform behind a family of products including Kraken, reported financial results for the second quarter ended June 30, 2026.
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Payward generated Adjusted Revenue of $508 million, up 17% year over year, and remained Adjusted EBITDA positive at $23 million. Growth was broad-based across the company’s four business pillars. As crypto spot volumes declined across the industry,[1] Payward’s traditional futures, equities and tokenized equities activity grew, and the company gained spot market share for the third consecutive quarter.
“Three forces are rearranging global markets: convergence across asset classes, the onshoring of activity into regulated venues, and the automation of market participation,” said Arjun Sethi, Co-CEO of Payward. “Each rewards the same decision we made years ago — to build one platform rather than a collection of products. One matching engine, one risk engine, one settlement core, and more than 100 licenses and registrations behind all of it.”
Second Quarter 2026 Financial Highlights
- Adjusted Revenue: $508 million, up 17% year over year
- Adjusted EBITDA: $23 million, positive for the quarter
- Total Platform Transaction Volume: $310 billion, down 13% year over year, with mix shifting toward equities and tokenized equities as crypto spot volumes declined industry-wide
- Assets on Platform: $40 billion. Measured in real terms, holding prices constant, client balances grew for a fourth consecutive quarter; Real Assets on Platform grew 48% year over year to $65 billion [2]
- Funded Accounts: 6.6 million, up 42% year over year, with particular momentum in the EEA following MiCA authorization
- Futures DARTs: up 8% year over year
- Revenue mix: Asset Based and Other Revenue rose to 60% of total revenue from 55% in the prior-year quarter
In May, the company aligned its cost structure with market conditions while protecting investment in its highest-priority growth initiatives.
Business Highlights
Payward Trading. Launched the first CFTC-regulated spot margin offering for U.S. retail clients and the first CFTC-regulated perpetual futures available to U.S. traders, both built on Bitnomial infrastructure. Introduced Kraken Prop, a capital-backed proprietary trading program; pre-IPO perpetual futures for eligible non-U.S. clients; and expanded leverage and collateral options on Kraken Pro. Announced direct DEX access coming to the Kraken app.
Payward Banking. Launched Flexline, a crypto-backed line of credit, extending it to U.S. clients in June. Expanded Krak virtual IBANs and the 1% salary match to 11 additional European markets. Added real-world assets and SPL tokens to qualified custody.
Payward Asset Management. Opened tokenized pre-IPO exposure to eligible retail clients globally, beginning with SpaceX and expanding to Bending Spoons. Launched Bitcoin Vaults on Krak, combined crypto and xStocks bundles, and extended Opt-In Rewards to xStocks holders.
Payward Services. Brought the first external partner live on the unified Payward Services API. Launched a DeFi Earn Bitcoin Vault that drew approximately $400 million in deposits. Expanded xStocks distribution to BNB Chain, Mantle and Bitget Wallet, with OKX going live in July. Led a $20 million Series A in Onyx Odds, which is building prediction markets on Payward’s regulated U.S. derivatives stack.
Strategic M&A. Bitnomial closed May 1, completing the company’s U.S. CFTC-regulated derivatives stack. Reap, a stablecoin-native payments and card issuing platform, closed July 1. On July 27, Payward announced an agreement to acquire the wallet infrastructure business of Magic Labs, which will add embedded wallets to the Payward Services stack on closing.
Partnerships. Announced collaborations with MoneyGram on global crypto-to-cash conversion, Franklin Templeton on tokenized assets including plans to tokenize seven ETFs through xStocks, and Tempo on payments and stablecoin infrastructure. Kraken was named Official Crypto Exchange Supporter of the FIFA World Cup 2026™.
Licensing. Received preliminary approval from Dubai’s VARA for a broker-dealer, investment and management license, secured VASP registration in the British Virgin Islands, and filed an application for an OCC national trust company charter in May.
Proof of Reserves
Payward completed its latest quarterly Proof of Reserves as of June 30, 2026, validated by third-party accounting firm The Network Firm. Clients can independently verify that their assets are fully backed onchain.
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