Payward, the parent company of Kraken, reported $508 million in adjusted revenue for the second quarter of 2026, up 17% from a year earlier, while adjusted EBITDA fell to $23 million from $80 million in Q2 2025. Total platform transaction volume dropped 18% year over year to $310 billion as weaker crypto spot trading weighed on activity, even as traditional futures, equities and tokenized equities expanded. The company said asset-based and other revenue rose to 60% of total revenue from 55% a year earlier, showing a broader mix beyond transaction fees. Assets on platform were $40 billion at quarter-end, and Payward said its "Real Assets on Platform" measure reached $65 billion, up 48% year over year at constant Q2 2025 prices. Payward also reported a record 6.6 million funded accounts, though the metric is not directly comparable with Kraken’s earlier disclosure because the definition changed and now includes distinct funded accounts across platforms and products, with sub-accounts counted separately. The reporting scope has also widened after integrating businesses including NinjaTrader and Bitnomial. Payward disclosed the results on Aug. 14 and said its second-half strategy will center on broader trading products, banking, tokenization, payments and services for third-party platforms. The company completed its Reap acquisition on July 1 and has agreed to acquire Magic Labs’ wallet infrastructure business, which has not yet closed. The next report will indicate whether Payward can keep growing revenue while rebuilding profitability.