Kraken’s parent company released Q3 financial results: total revenue fell 12% year-over-year to $487 million, while adjusted EBITDA dropped 67% year-over-year to $60 million.

According to Bloomberg, Payward, the parent company of crypto exchange Kraken, posted adjusted third-quarter EBITDA of $60 million, down 67% year-over-year but up 163% quarter-over-quarter. Total revenue hit $487 million, down 12% YoY and up 12% QoQ, while total trading volume fell 30% YoY to $353 billion. Amid the volume decline, Payward’s number of funded accounts—defined as accounts with a positive balance—rose 37% YoY to 7.1 million. Bitcoin rallied roughly 40% from mid-August to early October before pulling back amid concerns over inflation and the impact of U.S. midterm elections on the sector. Trading fees are a key revenue source for most crypto exchanges, and falling prices tend to dampen trading activity. To diversify its revenue streams, Payward is expanding its stock tokenization business and plans to offer on-chain perpetual contracts to U.S. clients once it secures regulatory approval. The firm reached an agreement in October to acquire Saldo Bank; Kraken also plans to enter the UAE market after securing full approval from Dubai’s regulators. The shareholder letter also revealed Payward’s plans to enter prediction markets and launch its own token, though no timeline was provided. Earlier this year, Payward laid off roughly 150 employees, citing AI-driven efficiency improvements as the reason. Bloomberg previously reported that its IPO may not take place until 2027. Performance among other crypto exchanges was mixed: Gemini’s third-quarter revenue fell 19% YoY but narrowed its losses, while Coinbase’s revenue dropped 35% YoY but returned to profitability.