Kraken parent Payward posts Q1 2026 results; adjusted revenue rises 3% YoY

Payward, the parent company of crypto exchange Kraken, reported Q1 2026 financial results showing adjusted revenue of $507 million, up 3% year over year. Adjusted EBITDA totaled $180 million, while total platform trading volume reached $357 billion. As of March 31, assets under management on the platform stood at $40 billion, an 11% year-over-year increase. Funded accounts climbed 47% from a year earlier to 6.1 million. Payward said Kraken expanded its spot market presence despite weaker crypto markets. Bitcoin fell 22% over the period and total cryptocurrency market capitalization declined 23%, yet Kraken's spot market share rose from about 3.5% in mid-2025 to 5.2% in March. Average daily futures trading volume increased 51% year over year, supported by the NinjaTrader and Breakout businesses. During the quarter, Kraken completed the acquisitions of Backed and Magna. In May, it closed its $550 million acquisition of Bitnomial and disclosed plans to acquire Reap for up to $600 million, with the deal expected to be completed in the second half of 2026.