News · Institutions & ETFs
Adjusted revenue grew 17% year over year despite an industry-wide spot trading decline, buoyed by multi-asset expansion and regulatory acquisitions.
Key point 1 of 3
01
Payward generated $508 million in Q2 2026 adjusted revenue, up 17% year over year, while maintaining positive adjusted EBITDA.
Key point 2 of 3
02
Non-trading income expanded, with asset-based and other revenue reaching 60% of total revenue compared to 55% a year earlier.
Key point 3 of 3
03
Payward closed its acquisition of Reap on July 1 to broaden payments and card issuance, complementing acquisitions of Bitnomial and Breakout.
Context
Historically reliant on spot retail trading fees, crypto exchanges have faced revenue volatility during market lulls.
Why it matters
Payward solidifies its position against exchange competitors by shifting towards institutional rails, asset management, and infrastructure services powered by more than 100 global…
What to watch
Integration progress of the July 1 Reap acquisition and execution volumes across its regulated US derivatives and tokenized asset platforms through the rest of 2026.
Sources
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