Kraken parent Payward's Q1 revenue climbs despite crypto market slump
The Wyoming-based firm said futures trading and newer business lines helped offset softer activity in its core crypto markets business.
- On Thursday, Payward, the parent company of cryptocurrency exchange Kraken, eliminated 150 workers, representing approximately 5% of its roughly 3,000-person workforce, after deploying AI technology that improved efficiency.
- The job cuts follow a difficult period for the digital-asset sector, where Bitcoin fell 22% during the quarter and industry-wide spot trading volume dropped 38%, reducing investor risk appetite.
- Despite market headwinds, Payward reported first-quarter revenue rose 3% year-over-year, with total platform transaction volume reaching $357 billion and funded accounts growing 47% to 6.1 million.
- Co-CEO Arjun Sethi stated earlier this month the exchange remains '80% ready' to list, though the company's $20 billion private valuation remains at odds with secondary trades implying closer to $13.3 billion.
- Over the past year, Payward acquired NinjaTrader, Reap Technologies, and Bitnomial while filing for an OCC national trust bank charter last week, positioning the firm to build IPO-ready margins.
12 Articles
12 Articles
Kraken Cuts 150 Workers After Deploying AI as IPO Timeline May Slip to 2027
Kraken parent Payward eliminated roughly 150 workers Thursday after deploying AI technology that improved efficiency, Bloomberg reported, citing a person familiar with the matter who was not authorized to speak publicly. The cuts represent approximately 5% of the company’s roughly 3,000-person workforce. The layoffs are being framed internally as an optimization exercise ahead of a planned public listing, according to CoinDesk, which independent…
Kraken Operator Payward Delivers $507M Q1 Revenue Despite Volatile Trading Conditions
TL;DR: Payward, Kraken’s parent company, reported adjusted revenues of around $507 million in Q1 2026, reaching a 3% year-over-year increase. Futures DARTs grew 51% year-over-year, driven by NinjaTrader and the company’s derivatives expansion. Funded accounts rose 47% to 6.1 million and assets on platform increased 11% to $40 billion. Payward, the parent company of Kraken, published its results for the first quarter of 2026 with adjusted revenu…
Payward, Kraken's parent, reported revenues adjusted for USD $507 million in the first quarter of 2026, an advance of 3% year-on-year, in the midst of a crypto market hit by the fall of Bitcoin, the contraction of cash volume and geopolitical uncertainty. The company defended its investment strategy during the bearish cycle, supported in futures, tokenization, acquisitions and regulatory expansion. *** Payward reported revenues adjusted for USD …
Kraken Cuts 150 Employees Amid AI Efficiency Drive, IPO May Be Delayed: Bloomberg
Kraken has laid off approximately 150 employees following the deployment of artificial intelligence tools across its operations, Bloomberg reported on May 15, citing a person familiar with the matter—a development that may push the exchange's planned US public listing into 2027. The cuts represent roughly 5% of the workforce at Payward— Kraken's parent company—which employs around 3,000 people. The company said it regularly reviews its structure…
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