Kraken Q3 revenue $648 million, profit down 67%

深潮 TechFlow, November 13 — According to Bloomberg, Payward, the parent company of crypto exchange Kraken, reported a 67% year-over-year decline in Q3 profit.

The company’s concurrently disclosed operating metrics continued to expand: quarterly revenue was $648 million, up 114% year over year (calculated as GAAP total revenue less trading costs); adjusted earnings were $178.6 million, compared with a slightly negative figure for the same metric a year earlier — the two are measured on different bases: net profit and adjusted earnings. On the trading side, Q3 trading volume was $561.9 billion, up 106% year over year; funded accounts on the platform totaled 5.2 million, up 46%; and platform assets reached $59.3 billion, up 89%.

Bloomberg said Payward is preparing for a U.S. listing next year. Earlier reports said that, due to weaker trading volumes and a cooling crypto market, its IPO may be delayed to 2027, and the company has not announced a definitive timetable.

Source: 深潮 TechFlow