Payward’s Q3 Profitability Drops as Kraken Trading Activity Rises

Payward, the parent company of Kraken, reported $60 million in adjusted EBITDA for the third quarter. The figure represented a 66% year-over-year decline, although it was an improvement from the $23 million recorded in the preceding quarter, according to Crypto Economy and The Block.

Crypto Economy reported that transaction volume increased 22% sequentially to $353 billion as Total Platform Margin reached $487 million. Funded accounts stood at 7.1 million, with The Block reporting 37% year-over-year growth in that measure, while Crypto Economy said Billable Accounts increased 74% over the same period. The report also said Payward plans to enter U.S. prediction markets. The two outlets corroborate the headline profitability figure and its annual rate of decline. Their additional coverage differs in emphasis rather than fact: Crypto Economy supplies quarterly operating metrics, the sequential rebound, Billable Account growth and the prediction-market plan, whereas The Block focuses on the expansion in funded accounts. Together, the figures depict a company with stronger activity and customer metrics alongside materially lower year-over-year adjusted EBITDA. The sequential rise from $23 million indicates improved quarterly profitability, but the $60 million result remained well below the prior-year level covered by both outlets. Payward’s proposed U.S. prediction-market business would extend the company beyond its existing reported operating activity, although no launch date or further financial targets were provided. The wider crypto market provided a weak backdrop for the results. Total market capitalization was $2.38 trillion, the overall market was broadly down, and Bitcoin fell 3.70% over 24 hours. The Fear & Greed Index stood at 20, classified as Extreme Fear. These figures are market context rather than evidence of a direct connection between Payward’s performance and Bitcoin’s move. Payward’s quarterly disclosures show that higher transaction volume and account growth did not prevent adjusted EBITDA from falling sharply on a year-over-year basis. The next reported results will therefore be relevant for assessing whether the sequential recovery continues while operating metrics remain elevated. The company’s planned prediction-market expansion is another area readers may monitor, particularly given that no timing or projected contribution was supplied.