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. The company handled $353 billion in transactions in the third quarter, down 30% from a year earlier, according to financial results released Friday.
The two figures measure different things. The market share tracks its portion of global spot trading across its platforms in September, compared with a year earlier, while Payward’s quarterly transaction volume includes activity across multiple products, including spot, margin, equities, payments and certain derivatives.
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