Payward Pushes Into AI, Prediction Markets as EBITDA Drops 66%

Kraken parent Payward reported a sharp year-over-year drop in Q3 adjusted EBITDA even as trading activity and customer growth improved sequentially. The company is now pushing into U.S. prediction markets, tokenized equities, and a personal finance AI agent as it broadens beyond crypto trading. Kraken parent Payward is trying to become more than a crypto exchange just as its core profitability comes under pressure. Adjusted EBITDA fell about 66% year over year to $60 million in Q3, though it improved from $23 million in Q2, according to its Q3 2026 financial results . Total Platform Margin, Payward’s new preferred revenue measure, reached $487 million, up 12% sequentially but down 12% from a year earlier.

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