Kraken Parent’s Profit Rebound Still Leaves a Wide Gap Before Its IPO

Résumé détaillé

Kraken parent Payward lifted Q3 adjusted profit to $60 million as clients kept adding assets, with its IPO eyed for 2027.

Kraken parent Payward said clients kept adding assets for 12 straight months, even as those holdings lost dollar value. Its adjusted earnings rose to $60 million in the third quarter, up from $23 million in the second.

However, that was still 67% below a year earlier, Bloomberg reported, citing a shareholder letter. These are its first results since Nasdaq agreed to a $100 million investment at a reported $21 billion valuation.

Payward published its third-quarter figures on November 13. Average assets on platform fell 21% from a year earlier to $43 billion.

At constant asset prices, client assets rose 29% year over year to $71 billion.

The gap between those two numbers shows how much lower prices cut the dollar value of client holdings.

Meanwhile, funded accounts grew 37% to 7.1 million over the same period.

Payward's earnings release also changed how it keeps score. Total Platform Margin (TPM) now replaces adjusted revenue as its main measure.

TPM strips out trading costs and staking rewards paid to clients. It reached $487 million, up 12% from the second quarter but down 12% year over year.

Margin from assets clients hold rose 26% quarter over quarter to $128 million.

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