Payward Revises Q2 Adjusted Revenue Down to $498 Million

Payward, the parent of Kraken, revised its second-quarter adjusted revenue to $498 million, lowering the earlier figure by $10 million. The recast reflects small revenue reductions previously booked as operating expenses.

Payward now uses total platform margin (TPM) as its top-line measure. TPM deducts trading costs and staking rewards paid to clients; the former adjusted-revenue measure deducted trading costs but included staking rewards.

The Q2 revision accompanies Payward’s third-quarter platform revenue results, which put TPM at $487 million and adjusted EBITDA at $60 million.