Payward recast its second-quarter adjusted revenue to $498 million, down from the $508 million it reported in August.
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.
Trading Volume Falls 30%
Total platform transaction volume fell 30% to $353 billion from $503 billion a year earlier. Payward said its share of industry spot volume rose to 6.5% in September from 3.3% a year before, citing CoinMarketCap data.
Average assets on the platform fell 21% to $43 billion. Payward also reports that figure at constant prices, which holds asset prices steady. On that basis, average assets rose 29% to $71 billion.
The release also recast second-quarter adjusted revenue to $498 million, against the $508 million Payward reported in August, and a footnote says earlier figures now include small revenue reductions that had been booked as operating expenses.
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Against the second quarter, TPM increased from $436 million. Adjusted EBITDA rose 163% from $23 million.
Prediction Markets Next for US Clients
Income from client assets and from access to products, data and services made up 52% of TPM, up from 46% a year earlier. The access side counts 1.5 million billable accounts, up from 0.9 million. Those accounts pay for subscriptions, trader evaluations, and index licenses.
In banking, the company plans to move US dollar wires onto its own Fed master account. Its banking arm, Kraken Financial, became the first crypto company with a Fed master account.