Kraken Parent Payward Reports 3 Percent Rise in Q1 Adjusted Revenue

Kraken parent Payward reported first-quarter adjusted revenue of $507 million, up 3 percent from a year earlier, the company said in a press release Monday. The Wyoming-based firm said growth in futures trading and newer business lines helped offset softer activity in its core crypto markets business.

Futures daily average revenue trades rose 51 percent year-over-year, driven by NinjaTrader, Breakout and expanded derivatives offerings. Total platform transaction volume reached $357 billion in the quarter, though Payward said broader market conditions weighed on activity.

Bitcoin fell 22 percent during the quarter, while total crypto market capitalization declined 23 percent and industry-wide spot trading volume dropped 38 percent.

EBITDA came in at $18 million, down from a year earlier, as the company continued investing in acquisitions, product development and regulatory infrastructure. 1 million, while assets on platform increased 11 percent to $40 billion as of March 31. 2 percent in March from about 3.

Payward highlighted several recent acquisitions aimed at diversifying revenue streams beyond crypto trading, including tokenization platform Backed, token lifecycle management firm Magna, derivatives exchange Bitnomial and payments company Reap. “Where others pulled back, we leaned in,” Co-CEO Arjun Sethi said in the release.