Payward Reports $508M Q2 Revenue, Up 17% YoY Despite 13% Drop in Trading Volume

According to Friday's earnings report, Kraken parent Payward reported $508 million in adjusted revenue for Q2, up 17% year over year, despite total transaction volume falling 13% to $310 billion. Funded accounts increased 42% to 6.6 million, and the company remained adjusted EBITDA positive at $23 million.

Non-transaction revenue accounted for 60% of total revenue, up from 55% a year earlier. Growth in traditional futures, equities, and tokenized equities helped offset weaker crypto spot activity, and Payward gained spot market share for a third consecutive quarter.