Payward, the parent company of the Kraken exchange, reported third-quarter adjusted EBITDA of $60 million, down 67% from about $182 million a year earlier, according to a shareholder letter that Bloomberg News reviewed on November 13 and crypto.news summarized. The figures are company-reported and cover the quarter ended September 30.
Payward replaced adjusted revenue with a new headline metric, total platform margin, which came in at $487 million, down 12% year over year. Total platform transaction volume fell 30% to $353 billion. Compared with the second quarter, adjusted EBITDA rose 163% and platform margin rose 12%, crypto.news reported. Funded accounts, meaning those holding a balance above zero, reached 7.1 million, up 37% from a year earlier.
The letter also pointed to growth outside spot trading. Payward said its xStocks tokenized equities product now lists more than 1,500 assets, holds over $1.1 billion in assets under management and has handled more than $45 billion in cumulative volume. The company received full approval from Dubai’s Virtual Assets Regulatory Authority in October and plans to launch prediction markets and a proprietary token, with no timeline given.
On its listing plans, crypto.news reported that Payward’s IPO may be delayed to at least the second quarter of 2027. The company confidentially filed a draft registration statement with the SEC in November 2025 and previously raised $800 million at a $20 billion valuation. It also cut roughly 150 jobs earlier this year, according to the same report.
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