Kraken parent Payward Q3 adjusted EBITDA falls 66% to $60 million

The divergence is the story: funded accounts up sharply while adjusted EBITDA drops by roughly two-thirds, suggesting growth in user base is not translating into proportional earnings power — a margin question rather than a demand one. The planned prediction markets and personal finance AI agent read as diversification beyond core trading revenue, which is where the earnings pressure sits. Whether account growth can be monetized more efficiently, and whether the new products move the revenue mix, is the open question worth watching.