Payward reports revenue growth as trading volume and margins retreat

Total transaction volume across the platform slipped 18% to $310 billion, a dip the firm attributed to cooling spot crypto activity. While trading volumes softened, the company’s revenue composition shifted; asset-based services now account for 60% of total income, up from 55% a year ago. This transition underscores a strategic pivot toward diversified financial products, including tokenized equities and futures, to reduce reliance on pure transaction fees.

Growth in user acquisition remains a central pillar of the firm’s narrative, with funded accounts reaching a record 6.6 million. However, this figure is difficult to compare against the 4.4 million reported in 2025 due to a change in internal accounting definitions and the integration of businesses like NinjaTrader and Bitnomial. The $550 million acquisition of Bitnomial, finalized in May, serves as the cornerstone of Payward’s effort to build a vertically integrated U.S. derivatives stack.

Management is now balancing these integration costs against ongoing regulatory ambitions. The firm’s application for a national trust charter remains pending with the OCC, while internal reviews continue regarding the future of the Kraken Derivatives Exchange. As Payward moves into the second half of the year, the focus shifts toward finalizing its acquisition of Magic Labs’ wallet infrastructure and scaling its third-party services, even as it faces the challenge of restoring the profitability levels seen in previous quarters.