Kraken Parent’s Profit Rebound Still Leaves a Wide Gap Before Its IPO

Kraken parent Payward said clients kept adding assets for 12 straight months, even as those holdings lost dollar value. Its adjusted earnings rose to $60 million in the third quarter, up from $23 million in the second.

However, that was still 67% below a year earlier, Bloomberg reported, citing a shareholder letter. These are its first results since Nasdaq agreed to a $100 million investment at a reported $21 billion valuation.

Payward published its third-quarter figures on November 13. Average assets on platform fell 21% from a year earlier to $43 billion.

At constant asset prices, client assets rose 29% year over year to $71 billion.