Payward Q3 Earnings Fall 67% Amid Slowing Volumes

Kraken parent Payward reported $60 million in third-quarter adjusted earnings before interest, taxes, depreciation, and amortization, marking a 67% annual drop from approximately $182 million during the same period last year, according to CryptoNews.

The company’s financial performance reflected weaker cryptocurrency trading activity across digital asset markets. Total platform transaction volume fell 30% year over year to $353 billion, while total platform margin declined 12% to $487 million. Despite the annual decrease, the figures represented a recovery from the previous quarter, with adjusted EBITDA rising 163% and platform margin growing 12% quarter over quarter.

Customer growth remained positive during the third quarter. Funded accounts, defined as customers holding a balance greater than zero, climbed 37% from a year earlier to reach 7.1 million.

Expansion and Product Strategy

To reduce its dependence on conventional cryptocurrency trading fees, Payward has advanced several expansion initiatives. The company recently introduced more than 200 tokenized stocks from UK and European markets, expanding its xStocks ecosystem to over 1,500 assets with more than $1.1 billion in assets under management and cumulative transaction volumes exceeding $45 billion.

In banking operations, Payward agreed in October to acquire Saldo Finance Oy, the Finnish parent of Lithuania-licensed Saldo Bank, subject to regulatory approval and expected to close in 2027. In the Middle East, the company secured full regulatory approval from Dubai’s Virtual Assets Regulatory Authority in October to offer digital asset services.

Future Plans and Listing

Payward disclosed plans to enter prediction markets and launch a proprietary token, though it did not provide a timeline or operational details. The company's long-awaited initial public offering has faced delays, with a potential postponement until at least the second quarter of 2027 following earlier market conditions. Payward previously submitted a confidential draft registration statement to the US Securities and Exchange Commission in November 2025 after raising $800 million at a $20 billion valuation.

Key facts

• Payward reported $60 million in Q3 adjusted EBITDA, down 67% year over year from $182 million.
• Total platform transaction volume fell 30% to $353 billion compared to the previous year.
• Funded accounts increased 37% year over year to 7.1 million accounts.
• Total platform margin declined 12% from a year earlier to $487 million.