TREE NEWS reports: Payward, the parent company of crypto exchange Kraken, reported adjusted EBITDA of $60 million, down 66% year over year, as slower trading activity weighed on earnings. The decline came even as Payward’s share of global spot trading nearly doubled and its fee-based services expanded.
Kraken parent Payward EBITDA falls 66% to $60M despite doubling spot market share
AI take
The gap between Payward's near-doubling of spot market share and a two-thirds drop in adjusted EBITDA shows that share gains in crypto trading aren't translating into earnings when activity cools — volume mix and fee compression matter more than ranking. This matters for privately held exchange operators and their backers, who are being judged on profitability rather than growth alone. Whether fee-based services can offset trading cyclicality is the open question.
Generated by AI for reference only.
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