Payward, the parent of cryptocurrency exchange Kraken, reports a sharp year-over-year fall in third-quarter adjusted EBITDA, dropping by about two-thirds to $60 million. Several outlets link the decline to weaker trading conditions, including slower spot trading, while also noting company efforts to broaden revenue beyond trading.
Cointelegraph and The Block both highlight that Payward’s share of global spot trading nearly doubles and that fee-based services expand, even as earnings fall. CoinDesk adds that expansion outside crypto trading is helping cushion revenue decline and points to signs of improvement compared with the prior quarter. Quartz provides additional platform-level metrics, reporting a decline in total platform margin and a rise in funded accounts.
Across coverage, the outlets broadly agree on the direction of the results—lower adjusted EBITDA but improving or growing user and activity measures—while differing in emphasis. Some foreground trading dynamics and market share, others foreground diversification plans and account growth.
