Kraken’s parent, Payward, nearly doubled its share of global crypto spot trading to 6.5% in September, up from 3.3% a year earlier, even as weaker trading activity weighed on earnings.
The increase means Payward accounted for a larger share of spot trading compared with competitors, not that trading activity across its platforms increased. The company processed $353 billion in transactions in the third quarter, down 30% from a year earlier, according to financial results released Friday.
The figures measure different things. Market share reflects Payward’s portion of global spot trading across its platforms in September compared with a year earlier. Quarterly transaction volume, meanwhile, includes activity across several products, including spot, margin, equities, payments and certain derivatives.
Adjusted EBITDA fell to $60 million from $178.6 million a year earlier. Total platform margin declined 12% to $487 million. Payward introduced the measure this quarter to replace adjusted revenue, deducting staking rewards paid to customers.
Acquisitions broaden Payward beyond spot trading
Over the past two years, Payward has expanded beyond its core cryptocurrency exchange business through acquisitions in derivatives, proprietary trading, tokenized assets and payments. The strategy is intended to diversify revenue beyond transaction fees, which fluctuate with market activity.
Its acquisitions include futures broker NinjaTrader and proprietary trading firm Breakout in 2025, followed by US-regulated derivatives platform Bitnomial in May 2026. In July, the company also expanded into stablecoin payments by acquiring Reap.
Those businesses contributed to a broader mix of trading and service-based activity in the third quarter. Derivatives contracts subject to Payward’s per-contract fee rose 84% to 66 million. Margin from subscriptions, trader evaluations and other paid services increased 59% to $125 million.
Breakout, which charges traders for evaluations that can qualify them for funded trading accounts, was included for the full quarter after joining in September 2025. Reap’s July acquisition added a stablecoin payments and card-issuing business. The company did not quantify either acquisition’s contribution to the quarter.
Earnings recover from second-quarter lows
Results improved from the second quarter but remained below year-earlier levels. Total transaction volume rose 22%, and total platform margin increased 12% to $487 million, from $436 million.
Trading alone did not drive the improvement. Margin from assets held by customers on Payward’s platforms, including staking-related services, rose 26% to $128 million. That accounted for roughly half of the $51 million quarterly increase in total platform margin.
Adjusted EBITDA rose to $60 million from $23 million, while its margin as a share of total platform margin increased to 12% from 5%. However, adjusted EBITDA was down 66% from a year earlier, highlighting pressure on profitability despite a growing contribution from services less directly tied to trading activity. Asset- and access-based services made up 52% of total platform margin, up from 46% a year earlier.
The shift could matter if Payward eventually goes public. The company confidentially filed for a US IPO in November 2025 but paused its plans in March as market conditions weakened. By September, the earliest potential listing window under consideration was the second quarter of 2027.
