Kraken Q3 Revenue Hits $648 Million, Profit Down 67%

On November 13, Bloomberg reported that Q3 profit for Payward, the parent company of crypto exchange Kraken, fell 67% year-over-year.

The company also disclosed that its core operating metrics continued to expand: quarterly revenue reached $648 million, up 114% year-over-year (calculated as total GAAP revenue less trading costs), and adjusted earnings were $178.6 million, up from a slightly negative figure in the same period last year—the two metrics differ in definition, with the former being net profit and the latter being adjusted earnings. In terms of trading activity, third-quarter trading volume totaled $561.9 billion, up 106% year-over-year, with funded platform accounts growing 46% to 5.2 million and assets on the platform increasing 89% to $59.3 billion.

Bloomberg noted that Payward is preparing for a U.S. listing next year. Previous reports suggested that due to weakening trading volumes and a cooling crypto market, its IPO could be pushed back to 2027, though the company has not yet announced a definitive timeline.