In Q3, kraken revenue jumped as the exchange reported stronger volumes and tighter costs, signaling improved profitability ahead of a planned US IPO next year.
How did Payward Inc. perform in Q3 on revenue and adjusted earnings?
Payward Inc. reported Q3 revenue of $648 million, up 114% year‑over‑year, and adjusted earnings of $178.6 million, according to Bloomberg (Olga Kharif, Oct 22, 2025). The top line reflected higher trading volumes and fee capture across spot markets.
Fee mix and cost control helped convert revenue into earnings, though custody flows and market liquidity remain volatile risks.
In brief, Payward reported marked top‑line growth and materially positive adjusted earnings, strengthening its case ahead of the planned US IPO next year.
What is the adjusted earnings figure for investors?
The adjusted earnings figure of $178.6 million excludes certain non‑cash items and one‑offs to better show recurring profitability.
How is revenue defined by the company?
The company defines revenue as GAAP gross revenue minus trading costs, a measure that affects comparability with peers. For wider context see our analysis on Kraken revenue growth.
What drove Kraken revenue growth in recent quarters?
Growth was driven by elevated market activity and selective fee adjustments across products. Analysts say sustaining margin improvement will require continued product diversification and stable custody inflows.
What are Kraken IPO plans and timing?
The company has signalled a planned US IPO next year, subject to market conditions and regulatory review. For formal statements consult the Kraken press page. “Execution timing will depend on market conditions and regulatory review,” Bloomberg (Olga Kharif) noted.
Review GAAP reconciliations closely; the firm’s revenue definition materially affects valuation multiples and peer comparisons.
What should investors take away?
Payward’s Q3 results show meaningful revenue expansion and solid adjusted earnings, signalling improved operating performance ahead of listing.
The planned US IPO next year presents both growth opportunity and execution risk; monitor custody flows, fee mix and market liquidity.
For sector perspective, see our piece on crypto exchange profitability.