Payward, the parent company of Kraken, reported $508M in adjusted revenue in Q2, up 17% YoY, while remaining adjusted EBITDA positive at $23M despite weaker crypto spot volumes.

Platform transaction volume fell 13% YoY to $310B, but Payward gained spot market share for the third consecutive quarter as activity expanded beyond crypto trading.

Asset-based and other revenue now accounts for 60% of total revenue, up from 55% a year earlier, highlighting Payward’s shift toward a broader financial platform.

Funded accounts jumped 42% to 6.6M, while assets on the platform reached $40B, with the company pointing to strong momentum in Europe following its MiCA authorization.

Payward is also expanding through acquisitions, recently adding Bitnomial, Reap, and Magic Labs’ wallet infrastructure to its derivatives, payments, and embedded-wallet offerings.

The company’s IPO plans remain on hold, with no new timeline announced.