# Payward Revises Q2 Adjusted Revenue Down to $498 Million By John Kim Canonical URL: https://www.tokenpost.com/news/business/57916 Published: 2026-11-15T21:40:57.000Z Updated: 2026-11-15T21:40:57.000Z Section: Business > The revised figure is $10 million below the $508 million reported earlier and reflects small revenue reductions previously booked as operating expenses. 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. ## Links in this article - [third-quarter platform revenue results](https://www.tokenpost.com/news/business/56662)