Payward, the parent company of cryptocurrency exchange Kraken, reported adjusted earnings before interest, taxes, depreciation and amortization of $60 million in the third quarter, a significant rebound from $23 million in the second quarter. However, the figure still trails the prior year by 67%, according to a shareholder letter cited by Bloomberg.
The earnings recovery comes as Payward continues to expand its user base and market share, even as broader cryptocurrency valuations remain volatile. Funded accounts grew 37% year over year to 7.1 million, while average assets on the platform fell 21% to $43 billion over the same period.
Adjusted Metrics Show Mixed Signals
Payward changed how it reports financial performance, replacing adjusted revenue with Total Platform Margin as its primary metric. TPM reached $487 million in Q3, up 12% from Q2 but down 12% year over year.
Margin from assets clients hold rose 26% quarter over quarter to $128 million. Payward also gained market share in spot trading, capturing 6.5% of industry volume in September, up from 3.3% a year earlier.
Total platform volume increased 22% from Q2, while industry spot volume fell 7% over the same period, per CoinMarketCap data.
IPO Timeline Remains Uncertain
Payward filed confidentially for a US IPO in November 2025 and paused the process in March. The company is targeting the second quarter of 2027 at the earliest for a public listing. In September, Nasdaq agreed to invest $100 million in Payward at a $21 billion valuation.
The company's Q3 results do not mention listing plans. Fourth-quarter performance will help determine whether the profit recovery can sustain momentum into 2027.
