Payward Q2 Adjusted Pre-Tax Profit Drops 71% Year-Over-Year

Kraken parent Payward reports Q2 adjusted pre-tax profit fell 71% to $23M, while revenue rose 17% and active accounts hit a record 6.6M.

Woofun AI reports that Payward, the parent entity of Kraken, disclosed a 71% year-on-year decline in second-quarter adjusted pre-tax profit to $23 million, down from $79.7 million in the prior year period. Despite the profit contraction, adjusted revenue increased by 17% to $508 million, and the number of money accounts with positive balances surged 42% to reach an all-time high of 6.6 million.

Total platform trading volume decreased by 18% to $310 billion. Co-CEO Arjun Sethi noted that while industry spot trading volumes contracted, growth was observed in traditional futures, equity, and tokenized stock segments. The company also reported gaining spot market share for the third consecutive quarter, with clients increasingly engaging across multiple markets on the platform.