Overview
- Payward reported adjusted revenue of $507 million for the first quarter, up 3% year over year, while adjusted EBITDA fell to $18 million as it spent on products, deals, and compliance.
- The platform handled $357 billion in transaction volume and lifted Kraken’s spot market share to 5.2% by March in a quarter when Bitcoin fell 22% and total crypto value dropped 23%.
- Derivatives stood out as a growth engine, with average daily futures revenue trades rising 51% after expanding access through NinjaTrader, Breakout, and broader futures offerings.
- The company pushed beyond crypto spot trading through acquisitions and launches that add tokenized equities (Backed), token lifecycle tools (Magna), US derivatives (Bitnomial), and payments rails pending the Reap close.
- IPO timing grew less certain after a Deutsche Börse $200 million investment reportedly implied a valuation near $13.3 billion, and media reports noted about 150 job cuts during a cost review.