Payward Inc., the parent company of crypto exchange Kraken, reported a 71% decline in second quarter adjusted pretax earnings to $23 million, while adjusted revenue rose 17% to $508 million. Total transaction volume fell 18% to $310 billion as crypto trading slowed industrywide, with Bitcoin trading roughly 50% below its October 2025 record high. Despite weaker trading activity, funded accounts increased 42% to a record 6.6 million. Payward is expanding into derivatives, equities and tokenized assets to diversify revenue, and is preparing for a potential IPO that may not occur until late this year or early 2027.
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