Payward, the parent company of cryptocurrency exchange Kraken, is executing a transformation into a comprehensive financial services infrastructure provider by consolidating trading, banking, wealth management, and enterprise solutions into a single integrated ecosystem.
Co-CEO Arjun Sethi described the strategy as creating a unified platform with consolidated balance sheets and regulatory frameworks rather than operating disconnected business units. The company has structured its operations across four verticals: Kraken's trading platform, financial services including banking, wealth management solutions, and Payward Services, its enterprise-focused division.
Current Platform Scale
Kraken currently serves approximately 6.6 million accounts with active funding and manages assets valued between $40 billion and $50 billion. The platform operates across more than 190 nations and territories.
In the second quarter of 2026, Payward reported adjusted revenue of $508 million, marking a 17% year-over-year increase. Adjusted EBITDA reached $23 million for the quarter. Overall platform transaction volume declined 18% annually to $310 billion as cryptocurrency trading activity cooled, though derivatives and tokenized equity segments expanded.
Strategic Acquisitions for Licensed Trading
Payward has deployed billions to acquire regulated trading infrastructure rather than building systems from scratch. In March 2025, the company announced its intention to acquire futures brokerage platform NinjaTrader for $1.5 billion, delivering fully regulated futures trading capabilities. NinjaTrader continued operating as an independent platform under Payward's ownership.
Payward also acquired Bitnomial in a transaction valued at up to $550 million through cash and equity, closing on May 1, 2026. Bitnomial held three distinct derivatives registrations from the Commodity Futures Trading Commission covering exchange operations, clearing services, and brokerage functions. Payward stated that Bitnomial's infrastructure now powers compliant futures and margin trading products for U.S. customers.
In September, Payward announced plans to introduce perpetual futures contracts using Hyperliquid's underlying technology for qualified users, subject to regulatory approval, with Bitnomial managing clearing and settlement operations.
Tokenized Equities Partnerships
Payward's blockchain-based equities initiative has attracted major exchange partnerships. On September 10, Nasdaq announced a $100 million equity investment in Payward, valuing the company at $21 billion. The partnership focuses on developing Nasdaq Equity Tokens, anticipated to launch in the second quarter of 2027.
The London Stock Exchange separately announced plans to introduce xStocks—blockchain-based representations of publicly traded equities and investment funds—on LSE 24, a new trading venue scheduled for 2027. Sethi noted that partnerships with traditional exchanges provide value through their regulatory expertise and decades of listing operations experience.
Enterprise Infrastructure and Additional Acquisitions
Through Payward Services, the company is licensing its technology stack to external organizations. Approximately 25 companies were developing solutions using this infrastructure, including Hyperliquid.
Payward finalized its acquisition of Reap, a stablecoin payment processor, in July 2026. That month, the company also agreed to purchase wallet infrastructure technology from Magic Labs, a platform serving approximately 60 million users.
Payward submitted confidential initial public offering documentation in November 2025. Sethi indicated the company does not anticipate completing its public debut before the second quarter of 2027 at the earliest and emphasized that the listing is not necessary to finance ongoing expansion.
