Payward, the parent company of the Kraken cryptocurrency exchange, saw a sharp drop in second-quarter profits as reduced trading volumes across the digital asset sector weighed on results during a prolonged market downturn. In the three months ended June 30, 2026, the firm recorded adjusted pretax earnings of $23 million.

That figure represented a 71 percent decline from the $79.7 million reported in the same period a year earlier.

Adjusted revenue, by contrast, climbed 17 percent year-over-year to $508 million, according to details shared in a shareholder communication and the company’s own financial highlights.

Overall platform transaction volume reached $310 billion, an 18 percent decrease from the prior-year quarter.

The…