Payward, the parent of Kraken, reported Q2 2026 adjusted revenue of $508 million, up 17% from a year earlier, while adjusted EBITDA stayed positive at $23 million. Platform transaction volume fell 18% to $310 billion as spot cryptocurrency trading weakened and activity shifted toward stocks and tokenized stocks, but funded accounts still rose 42% to 6.6 million, platform assets totaled $40 billion, and assets on a constant-price basis increased 48% to $65 billion. Europe recorded the strongest funded-account growth after MiCA authorization. The revenue mix continued moving away from trading fees. Asset-based and other revenue rose to 60% of total revenue from 55% a year earlier, and quarter-on-quarter growth was modest versus Q1 2026 revenue of $507 million, $357 billion in volume and $18 million of adjusted EBITDA. Payward said it expanded spot market share from about 3.5% in mid-2025 to 5.2% in March, is structuring operations around services, banking, trading and asset management, and plans to bring regulated Bitcoin and Ethereum options to qualified European clients later in 2026. The company also says tokenization and AI are central to its strategy and that it holds more than 100 licenses and registrations worldwide.