- Payward generated $507 million in adjusted revenue during Q1 2026 amid declining crypto markets.
- Kraken increased funded accounts and expanded spot market share despite lower industry trading volume.
- Payward advanced acquisitions and launched new products tied to derivatives, AI tools, and tokenization.
Payward reported $507 million in adjusted revenue for the first quarter of 2026, even as crypto markets weakened globally. According to co-CEO Arjun Sethi, the company expanded acquisitions, increased funded accounts, and grew assets on platform while maintaining plans for a future IPO during a quarter marked by lower trading activity and geopolitical uncertainty.
Trading Weakness Meets User Growth
According to Payward, total platform transaction volume reached $357 billion during Q1 2026. However, broader market conditions pressured crypto activity across the sector during the same period.
Bitcoin declined 22% during the quarter, while total crypto market capitalization fell 23%. Industry-wide spot trading volume also dropped 38%, according to the company’s quarterly update.
Despite weaker market conditions, funded accounts climbed 47% year-over-year to 6.1 million. Assets on platform also rose 11% to $40 billion as of March 31, 2026.
Meanwhile, Payward stated that Kraken’s spot market share increased from roughly 3.5% in mid-2025 to 5.2% in March 2026. The company also retained 59% of spot trading volume from the December 2024 peak.
Adjusted EBITDA reached $18 million during the quarter. However, Payward said continued investments in acquisitions, infrastructure, and AI tooling reduced profitability growth.
Acquisitions Expand Multi-Asset Strategy
As expansion continued, Payward completed several acquisitions tied to tokenization, derivatives, and payments infrastructure. The company finalized purchases involving Backed, Magna, and Bitnomial during early 2026.
Payward also announced plans to acquire Reap Technologies in a deal worth up to $600 million. According to the company, the transaction remains expected to close during the second half of 2026.
Notably, Bitnomial holds all three CFTC-issued licenses required for a full-stack crypto derivatives business in the United States. Meanwhile, Magna manages token vesting, distributions, and lifecycle operations for over 160 crypto-native projects.
New Products Drive Platform Expansion
Alongside acquisitions, Payward expanded several trading and infrastructure products across Kraken and Payward Services. New launches included tokenized equities, TradFi futures, DeFi yield products, and AI-focused trading tools.
The company also expanded institutional services through partnerships involving Nasdaq, Deutsche Börse, and ICE Chat. According to Payward, its latest Proof of Reserves report remained independently verified by The Network Firm.
