Payward reported $508 million in adjusted revenue for the second quarter of 2026, up 17% from a year earlier, while adjusted EBITDA reached $23 million. Total platform transaction volume fell 18% to $310 billion as crypto spot activity weakened, but asset-based and other revenue increased to 60% of the total from 55% a year earlier. The company had $40 billion in assets and 6.6 million funded accounts, a record figure under a broader definition that can count subaccounts separately across Payward platforms. Nasdaq agreed to invest $100 million in Payward and expand work on tokenized equities, valuing the company at $21 billion in connection with the investment. Payward also plans to list xStocks on the London Stock Exchange's planned LSE 24 venue during 2027, subject to regulatory approval. Its four operating pillars are Kraken trading, banking, asset management and Payward Services, which provides shared trading, custody, liquidity, payments, compliance and settlement infrastructure to other financial companies. Acquisitions of NinjaTrader, Bitnomial, Reap, Backed Finance and the planned Magic Labs wallet business have expanded its regulated derivatives, tokenized securities, payments and wallet capabilities. Payward confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission in November 2025, but does not expect to complete an IPO before the second quarter of 2027 at the earliest. Co-CEO Arjun Sethi said the company remains profitable, can fund investment from its balance sheet and is about to buy an unnamed bank in Europe.