Payward, the parent company of crypto exchange Kraken, reported adjusted pretax profit of just $23 million in the latest quarter, down 71% year-on-year. Yet its revenue grew 17% to $508 million, while rival Coinbase saw revenues fall 18% to $1.22 billion. Payward spent approximately $2.65 billion on acquisitions over the past eighteen months, including $1.5 billion for derivatives broker NinjaTrader. These massive investments would explain the profit collapse despite revenue growth. The private company raised $800 million in November 2025 at a $20 billion valuation before pausing its US listing plan in March.
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