Kraken Parent Payward Takes Revenue Hit as Q3 Adjusted EBITDA Falls 67%

Payward, Kraken's parent company, said on Friday its third-quarter adjusted EBITDA fell 67% from a year earlier, to $60 million. That earnings measure stood at $181 million in the third quarter of 2025. Total platform margin (TPM), the top-line figure Payward now reports, dropped 12% to $487 million over the same period.

Payward switched to TPM this quarter, and the new measure deducts trading costs and the staking rewards Payward pays to clients. On that older basis, third-quarter revenue fell 15% to $553 million from $650 million. The company also recast second-quarter adjusted revenue to $498 million, down from the $508 million it reported in August.

Trading Volume Decline

Total platform transaction volume fell 30% to $353 billion from $503 billion a year earlier. However, Payward said its share of industry spot volume rose to 6.5% in September from 3.3% a year before, citing CoinMarketCap data. Average assets on the platform fell 21% to $43 billion.

Against the second quarter, TPM increased from $436 million. Adjusted EBITDA rose 163% from $23 million.

Banking Expansion

Income from client assets and from access to products, data and services made up 52% of TPM, up from 46% a year earlier. The access side counts 1.5 million billable accounts, up from 0.9 million. In banking, the company plans to move US dollar wires onto its own Fed master account. Kraken Financial became the first crypto company with a Fed master account.