Kraken Parent Payward Swaps Its Headline Metric, Reports $487 Million in Q3 Platform Margin

Payward , the privately held parent of Kraken , publishes selected quarterly figures rather than SEC filings, and until now led them with Adjusted Revenue : total revenue minus trading costs and gains or losses on trading. In August, Payward put that number at $508 million for the second quarter. On Nov. 13, Payward published its third-quarter highlights led by a new number, total platform margin (TPM) , which came to $487 million . That was 12% more than the $436 million Payward now shows for the second quarter, and 12% less than in the third quarter of 2025. A footnote in the release says Adjusted Revenue is still included “for comparison purposes only” and that “management no longer uses Adjusted Revenue to evaluate our business results.” Asset-based and access-based…

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