Payward's Profit Rebounds Amid Asset Decline

The parent company of Kraken, Payward, reported a recovery in profits in the third quarter of 2026, yet still faces a significant gap before its IPO. The company's adjusted profit amounted to $60 million, which is 67% lower compared to the previous year. These figures are the first results after Nasdaq agreed to a $100 million investment at a company valuation of $21 billion. The average asset volume on the platform decreased by 21% compared to the previous year, amounting to $43 billion, however, at constant prices, client assets increased by 29% reaching $71 billion. This indicates that the dollar value of client assets was significantly reduced due to the decline in cryptocurrency prices. The number of funded accounts increased by 37% to 7.1 million, indicating a growth in user activity on the platform.

The platform's total margin was $487 million, with the margin from client assets growing by 26% compared to the previous quarter, amounting to $128 million. Payward also increased its share in the spot trading market to 6.5% in September, which is a significant improvement considering that last year this figure was 3.3%. The total trading volume on the platform increased by 22% compared to the second quarter, while the industry-wide spot trading volume, according to CoinMarketCap, decreased by 7% over the same period. This confirms that Payward, despite global trends, managed to capture a larger share of the spot trading market.

Payward filed documents for an IPO in the US in November 2025, and it is reported that Kraken now plans to conduct the IPO in the second quarter of 2027. The release of the fourth-quarter report will allow understanding whether the company can continue the profit recovery, which is crucial for entering the market. Investors and analysts are closely monitoring the upcoming results to assess Payward's viability as a potential public issuer. If profits remain stable, the IPO may proceed successfully. However, for now, the company has a significant journey ahead before going public.