Kraken Parent Payward Takes Revenue Hit as Q3 Adjusted EBITDA Falls 67%

Payward, Kraken’s parent company, said on Friday its third-quarter adjusted EBITDA fell 67% from a year earlier, to $60 million. That earnings measure stood at $181 million in the third quarter of 2025. Total platform margin (TPM), the top-line figure Payward now reports, dropped 12% to $487 million over the same period. Payward switched to TPM this quarter, and the new measure deducts trading costs and the staking rewards Payward pays to clients. Adjusted revenue, the figure it replaced, deducted trading costs but left staking rewards in. On that older basis, third-quarter revenue fell 15% to $553 million from $650 million. Nasdaq agreed in September to invest $100 million in Payward at a $21 billion valuation.

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