Kraken parent Payward gains market share as slower trading weighs on earnings

Payward’s adjusted EBITDA fell 66% year over year to $60 million, even as its share of global spot trading nearly doubled and fee-based services expanded. Kraken’s parent company Payward nearly doubled its share of global crypto spot trading to 6.5% in September from 3.3% a year earlier, even as weaker trading activity weighed on its earnings. The market-share gain means Payward captured a larger portion of spot trading relative to competitors, rather than an increase in trading activity across its platforms.