Crypto exchange Kraken's parent company Payward recorded $507 million in first-quarter adjusted revenue, up 3% year-over-year, despite facing "one of the most challenging quarters the industry has faced since 2022," according to co-CEO Arjun Sethi in the firm’s latest earnings report.
Adjusted revenue is down from $628 million in the fourth quarter of 2025, for instance, while adjusted EBITDA dropped to $18 million from $168 million in the same period the year before.
Sethi noted the firm’s collapsing EBITDA is "due to a deliberate choice to continue investing through the cycle to accelerate product innovation, expand the breadth of our platform, and expand the regulatory stack that powers our multi-asset product offerings."
Indeed, Sethi has noted in several recent statements that the firm is investing heavily in acquisitions, product development, and growth initiatives, as it gears up for a potential public listing. However, any IPO plans may be on pause, as the firm’s valuation readjusts amid a cooling crypto market.
In November, Kraken raised funds at a $20 billion valuation and filed confidentially for a public listing, following a recent crypto rally. However, Bloomberg reported that Deutsche Börse Group invested $200 million in Kraken in April for a 1.5% fully diluted ownership stake, implying a $13.3 billion valuation.
