Payward Inc., parent company of the Kraken crypto exchange, reported $60 million in adjusted EBITDA for the third quarter of 2026, a 163% increase from the $23 million posted in Q2. The company disclosed the figures in a shareholder letter dated November 13, 2026.
The quarter-over-quarter rebound masks a more subdued year-over-year comparison. Q3 adjusted EBITDA declined 67% from the same quarter in 2025, reflecting a challenging broader environment for cryptocurrency trading.
Key Metrics
Platform margin totaled $487 million in Q3, up 12% quarter over quarter but down 12% year over year. Trading volume reached $353 billion for the quarter, representing a 30% decline from the prior year.
One metric moved in the opposite direction. Funded accounts, defined as accounts holding a positive balance, climbed 37% year over year to 7.1 million.
Expansion Beyond Trading
Payward is pursuing revenue streams beyond spot and derivatives trading. The company is developing tokenized equities and on-chain perpetual contracts for US users, both currently pending regulatory approval.
In October 2026, Payward agreed to acquire Saldo Bank, an EU-licensed lender, to expand services across Europe. The company has also signaled plans to enter prediction markets and issue its own token, though no timeline has been provided for the token launch.
Operational Changes
Payward reduced headcount by approximately 150 staff members earlier in 2026 as part of a restructuring, attributing the reductions to efficiencies gained from AI implementations.
Questions surrounding a potential public offering persist. While IPO speculation pointed to a 2026 listing, indications suggest any offering may now be postponed to 2027.
