Kraken parent Payward: Q3 adjusted EBITDA down 66% to $60M

Payward, the parent company of the Kraken exchange, reported third-quarter 2026 results on November 13: adjusted EBITDA was $60 million. That is 66% lower than a year earlier but well above the $23 million of the second quarter, according to The Block and CoinDesk.

Details

Total platform margin for the quarter was $487 million, down 12% from a year ago and up 12% from Q2. Transaction volume reached $353 billion, up 22% from Q2 and down 30% year over year, The Block reports.

CoinDesk says income from client assets and access to products, data and services grew to 52% of total revenue from 46% a year earlier. The company is expanding into banking, asset management, financial infrastructure and AI: it recently added AI as a fifth business pillar, with personal finance agents and investment funds built on its xStocks tokenized equities platform planned. The Block's headline also points to plans for US prediction markets.

CoinDesk also mentions talks with Wells Fargo on crypto trading liquidity and with BNY on infrastructure. We earlier covered Payward's purchase of Aave tokens.

What it means for the market

The trading business took the biggest hit over the year, with volumes and margin below 2025 levels, in line with weaker activity across exchanges. The rebound from Q2 suggests a recovery, while non-trading income now makes up more than half of revenue. Current market figures are in the daily brief.

This is not investment advice.