kraken

📊 Kraken parent Payward's Q3 revenue measure falls 12% as trading cools

Payward, the parent of crypto exchange Kraken, said total platform margin, its new preferred revenue measure, fell 12% year over year to $487 million in the third quarter as subdued trading weighed on fees. Income tied to client assets and access to products, data and services rose to 52% of the total, up from 46% a year earlier.

There are signs of recovery: the measure rose 12% from the second quarter, and adjusted earnings improved as trading picked up. Payward also added AI as a fifth business pillar alongside trading, banking, asset management and infrastructure.

⭐ With Coinbase revenue down 35% and Gemini down 19% in Q3, exchanges are racing to build income beyond trading fees, and the quarter-on-quarter rebound hints that volumes may be bottoming.

#Kraken #Payward #CryptoExchanges #Earnings

🏦 Nakamoto owes Kraken $165M, more than the company's entire market value

David Bailey's bitcoin treasury firm Nakamoto (NAKA) owes Kraken 165 million USDT on a loan backed only by its bitcoin, while its market value is about $104 million after shares closed at $5.79. A new amendment pushes the 60 million USDT due Dec. 4 out to Dec. 4, 2027, with the other 105 million USDT due June 30, 2027. Kraken will also count Nakamoto's bitcoin options toward collateral. The 3,030 BTC pledged to Kraken are worth about $208 million with bitcoin under $69,000, roughly 126% of the debt, per CoinDesk.

⭐ Bitcoin treasury companies that borrowed against BTC are getting squeezed as prices fall, and further drops could force more collateral calls or repayments.

#Bitcoin #BTC #Nakamoto #Kraken

🎯Exchange financial reports are far more honest than candlestick charts

📰Payward (Kraken’s parent company) saw its third-quarter profit plunge 67% year over year. Gemini has posted losses for five straight quarters since going public. Its losses have narrowed, but it’s still losing money.

💬Prices have fallen for six weeks, and exchanges are the first to bleed. Trading fees are a reflection of market conditions. This industry has never run on faith—it runs on trading volume.

🏷️ #Kraken #Gemini #交易所财报 #Institutions

Payward (Kraken) market share nearly doubles, EBITDA down 66%

- Payward (Kraken's parent company) adjusted EBITDA fell 66% YoY to $60 million.
- Global spot trading market share nearly doubled.
- Fee-based services expanded.
- Sluggish trading dragged down earnings.
- The RSS source provided no further details.

#BinanceSquare #CryptoNews #Kraken

$btc $eth

#vlikevn #Titanbot

Source: CoinTelegraph

📊 Kraken expands beyond crypto trading, making revenue less "red"

Payward, the parent company of the Kraken exchange, recently said that expanding into areas beyond cryptocurrency trading is helping to ease the decline in revenue.

According to CoinDesk, the company’s profit and its new financial performance metric were still lower than in the same period last year. However, the report noted signs of improvement since the second quarter.

One notable point is that major exchanges are no longer relying solely on trading fees. As trading volumes fluctuate with the market, additional revenue from other areas helps businesses become less dependent on price cycles. For traders, this signals that the industry is gradually diversifying its business models.

Which areas do you think exchanges should prioritize expanding into to reduce their dependence on trading fees?

(Not investment advice)

#hoangducinvest #Crypto #Kraken
Source: CoinDesk

Kraken’s year-over-year momentum is fading: parent company Payward reported Q3/2026 results — adjusted EBITDA of $60 million, up 163% from Q2 but down as much as 67% from the same period last year ($182 million). Trading volume was $353 billion, down 30% from Q3/2025 despite rising 22% quarter over quarter.

Bright spots: funded accounts rose 37% to 7.1 million, and fee-paying accounts increased 74% to 1.5 million. Spot market share nearly doubled, from 3.3% to 6.5% in September; derivatives contracts reached 66 million, up 84% year over year.

Payward is set to open a prediction market for U.S. customers, launch a personal finance AI assistant, and consider issuing its own token.

The market remains gloomy: BTC is around $68,883 (-4% in 24h), Fear & Greed is at 20 — “Extreme Fear,” and total market capitalization is $2.34 trillion.

Notable: $CAKE (PancakeSwap) rose 1.71% to $1.73 — the strongest performer among the top 100 after excluding coins mentioned recently.

Will exchanges have to rely on new products like prediction markets to make up for revenue as trading slows? 👇

#CryptoNews #Kraken #Bitcoin #CAKE

Market information, not investment advice.

Kraken parent diversifies revenue beyond crypto trading

Payward, Kraken’s parent company, reported a platform margin of $487 million in the third quarter, down 12% from the previous year due to low trading activity. However, revenue tied to services and data access grew to 52% of the total, driven by its expansion into financial services. This marked a recovery, with the margin rising 12% from the second quarter.

$ENA $SOL $BTC
#Kraken #Diversificacion #Finance

Payward (Kraken’s parent company) announced its third-quarter results today. It has adopted a new metric, “Total Platform Margin,” which came to $487 million in the third quarter, up 12% quarter over quarter and down 12% year over year. Adjusted EBITDA rebounded to $60 million, up from $23 million in the second quarter. Platform trading volume was $353 billion, up 22% quarter over quarter and down 30% year over year; spot market share in September rose to 6.5%, from 3.3% a year earlier. Funded accounts reached 7.1 million. The company added AI as its fifth business line and noted that assets under management for xStocks surpassed $1 billion in October.

#Payward #Kraken

There is a debt that exceeds the company's entire value.

Nakamoto owes Kraken $165 million.

They bought much of their treasury at an average price of $118,000 per $BTC .

Now the price is far below that figure.

Nearly 70 percent of their coins are pledged as collateral on the exchange.

It's a pretty complicated situation for their balance sheet.

What do you think of this level of risk?

#Bitcoin #Kraken $BTC

🎯Kraken’s profits halved, valuation slashed by 60%

📰Kraken’s parent company saw Q3 profits plunge 67% year over year, with only a slight rebound from the previous quarter. Its IPO valuation is rumored to have been cut from $20 billion to $8 billion.

💬Looking at these figures, users are still trading, but the exchange itself is already struggling to stay afloat. Licenses are expensive, compliance is expensive, and if they can’t bring in enough during a bull market, they’ll bring in even less during a bear market. The valuation cut isn’t the market being ruthless—it’s the numbers finally adding up.

🏷️ #Kraken #交易所财报 #IPO估值 #ComplianceCosts

💰 Nakamoto’s debt to Kraken exceeded the company’s market value

On November 13, CoinDesk reported that bitcoin-accumulating company Nakamoto owes the exchange Kraken 165 million USDT. Meanwhile, Nakamoto’s market capitalization was estimated at around $104 million at Thursday’s close. The company postponed the remaining payments until 2027.

Around 70% of its bitcoins are pledged as collateral for a loan. At the time of publication, the pledged BTC were valued at approximately $208 million—more than the debt, though a further fall in the price of bitcoin could reduce this collateral buffer.

This is not a report of bankruptcy or collateral liquidation; it concerns debt burden and risks if the market declines.

Source: CoinDesk, November 13, 2026.
#Bitcoin #Kraken

Kraken’s Q3 shareholder letter is getting clickbaited by headlines shouting "EBITDA +163% QoQ," but I’m looking at the margin, and that’s the ugly part.

The numbers come from the shareholder letter Bloomberg saw (the Payward website currently only has Q2 up; the original Q3 text hasn’t been published yet): adjusted EBITDA was $60 million, down 67% year over year; the new metric, "Total Platform Margin," was $487 million, down 12%; platform trading volume was $353 billion, down 30%; and funded accounts were 7.1 million, up 37%.

If you reverse it using the company’s own year-over-year figures (the percentages are rounded, so these are all approximate): last Q3 EBITDA was about $180 million, TPM was about $550 million, and EBITDA as a share of TPM was close to 33%. This Q3 it’s 60/487, a little over 12%. Revenue fell only a bit more than 10%, but profit dropped by two-thirds. The money wasn’t not coming in; it was being spent. Co-CEO Sethi wrote in the Q2 letter that "2026 is the biggest year of trading investment in our history," and they also did a round of cost adjustments in May. The +163% quarter-over-quarter jump is just rebounding off Q2’s $23 million floor; from such a low base, any bounce like that isn’t surprising.

The user side makes the issue even clearer. Accounts were up 37%, while trading volume fell 30%, so the average trading volume per account was nearly cut in half (0.70/1.37≈0.51). TPM generated per account fell from about $107 to about $69. Payward defines a "funded account" as any account with a balance above zero at quarter-end, counting sub-accounts separately. Acquisition is indeed strong, but the new users are not trading much.

I originally wanted to criticize the metric change, but after running the numbers I don’t. The "adjusted revenue" used in Q2 was $508 million; back-solving from this quarter’s +12% QoQ TPM suggests Q2 TPM was only about $435 million, which is materially lower than the old metric. The new metric is more conservative, not flattering; it probably excludes some costs, but the original definition hasn’t been made public, so I won’t jump to conclusions.

What I really care about is Bloomberg’s mention that Payward is also planning to issue its own token, though no timing was given. When a company’s core business margin drops from 30% to 10% and it starts looking for the next growth engine through stock tokenization, on-chain perpetuals, and prediction markets, if it issues a token at that point, what are holders actually getting—fee sharing, buybacks, or just a loyalty points scheme? Until the tokenomics are out, don’t get too hyped about the whole "Kraken coin airdrop" narrative.

#Kraken

Kraken parent company Payward reported adjusted EBITDA of $60 million in the third quarter, down 67% year over year. In the same shareholder letter, the platform’s total profit of $487 million was down just 12%, while trading volume of $353 billion fell 30%.

Profits fell much faster than revenue. Funded accounts rose 37% year over year to 7.1 million: the number of accounts increased, but trading volume shrank 30%. EBITDA rose 163% quarter over quarter, which also shows that the second-quarter baseline was low. User growth has not translated into trading growth.

The company also plans to issue its own token and launch prediction markets, but has given no timeline. Bloomberg previously reported that the IPO could be pushed back to 2027. Next, watch to see whether trading volume can hold steady in the fourth quarter.

#Kraken #Exchange Earnings

🎯Exchange earnings, first to take a hit

📰Kraken parent Payward’s third-quarter profit fell 67% year over year, though it was somewhat better than in the second quarter. It was valued at $20 billion in its last funding round; now its IPO valuation has been slashed to $8 billion.

💬That’s a pretty wild turn: crypto prices fell 30%, but exchange valuations were slashed by 60%. Trading volume is still there, but the money isn’t.

🏷️ #Kraken #交易平台 #IPO估值 #Institutions

【Its debt is worth more than the whole company! Bitcoin treasury firm Nakamoto owes Kraken $165 million and can only ask for an extension】
David Bailey’s Nakamoto (NAKA) disclosed on November 12 that of the 165 million USDT it borrowed from Kraken, the 60 million originally due on December 4 has been extended to next December, while the remaining 105 million is due on June 30 next year. Its shares closed at $5.79, giving it a market cap of only about $104 million. The loan is secured by its 3,030 BTC, worth about $210 million at Binance’s current price of roughly $69,300—leaving collateral coverage of only about 127%. If the price falls further, it will have to add collateral or repay the loan early. It has only about 1,253 unpledged BTC left; those coins were bought at an average price of roughly $118,000 and are already down about 40% on paper.
$BTC
#比特币财库 #Nakamoto #Kraken

😬 165 MILLION dollars. That's what Nakamoto owes Kraken. According to the report, this debt is greater than the value of the entire company on the stock market.

When Bitcoin falls, Nakamoto's reserve shrinks in dollar terms. The debt stays the same size.

$BTC #WhatWillDriveCryptoAndStocksNextRebound #Kraken

#NakamotoOwesKraken165Million
🚨 NAKAMOTO OWES KRAKEN $165 MILLION, MORE THAN ITS MARKET CAP
Hey everyone, Nakamoto just asked Kraken to extend its 165 million USDT loan, pushing the $60 million tranche due on 4/12 to 4/12/2027, with the remaining $105 million due on 6/30/2027. The frustrating part is that the debt is larger than the company's market cap, which is around $104 million. The company holds 4,283 Bitcoin, with 3,030 coins pledged to Kraken. It bought them at an average price of $118,200 each, while $BTC Perpetual is now around $68,872. The collateral is worth $208 million, just 126% of the debt.
Biggest Perpetual moves today: $$ZEC 945, $$ICP 2.63
#Bitcoin #Kraken #Nakamoto

About 70% of Nakamoto’s coins are pledged with Kraken, and Bitcoin is trading below $69,000 today 🏦 $BTC

The company bought the coins at an average price of around $118,000 each and owes Kraken $165 million—more than its entire market capitalization.

The market has seen this pattern before: a treasury company pledges its coins to fund the purchase of more, until the collateral exceeds the company itself. If the price stays below the purchase cost, pressure on its pledged position could increase, and further movements from the wallet may follow.

The takeaway worth remembering: watch the proportion of coins pledged before looking at how much the company owns.

If you were in their shoes, would you reduce the amount pledged or wait for the price to recover?

#Bitcoin #Kraken

This content is for informational purposes only and is not financial advice.

Click $BTC to trade
$BTC

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🔥 KRAKEN BRINGS MORE THAN 200 UK AND EUROPEAN STOCKS ONTO THE BLOCKCHAIN!
📈 Payward – Kraken’s parent company – has expanded its xStocks platform with more than 200 tokenized stocks from the UK and Europe.
Notably, the new list includes all 40 of Germany’s largest companies, including prominent names like SAP and Siemens.
📌 Key highlights:
Trading availability: Eligible users can trade on Kraken and partner platforms. However, investors in the UK are currently not supported.
1:1 backing: Each token is backed by the corresponding real stock, but holders only benefit from price movements and have no voting rights or direct ownership of the underlying stock.
Platform size: xStocks now has more than 1,500 assets, cumulative trading volume exceeding $45 billion, and a market capitalization of around $1.1 billion, making it the third-largest in the market after Binance and Ondo Finance.
Further expansion: Payward plans to add hundreds more stocks from Hong Kong.
Tokenization can help traditional assets access blockchain trading infrastructure, but it is important to distinguish between the two: owning a token representing a stock does not mean directly owning that stock.
#Kraken #xStocks #Tokenization
$AAPLB $NVDAB

UK stocks have been tokenized, but Britons can’t buy them themselves: xStocks adds 200+ UK and European stocks—who can buy them, and what are they buying?

Kraken parent company Payward’s November 11 press release: xStocks has launched its first tokens for UK- and EU-listed companies, adding 200+ stocks and bringing the total number of tokenized assets on xStocks to over 1,500. This is the fifth article about tokenized stocks this week.

Five key facts:
1. How it’s backed: For every token issued, one share of the corresponding stock is purchased and held with a regulated custodian for as long as the token is in circulation, on a 1:1 basis. Brokerage infrastructure company GTN handles the purchase and custody of UK and European stocks.
2. Where they trade: On Kraken and xStocks alliance platforms, with on-chain support across Solana, Ethereum, TON, Ink, X Layer, and others.
3. Who can’t buy: The press release states that UK investors still can’t buy them, and neither can Americans. Kraken’s help page also lists Australia and Canada as unavailable. Users in the European Economic Area must first complete a questionnaire and can only buy, sell, and convert using fiat currency on kraken.com; Kraken Pro order books and API access aren’t available.
4. What’s next: Hundreds of Hong Kong stocks are due to launch in the coming weeks. The London Stock Exchange plans to list xStocks for trading on LSE 24 in 2027, subject to regulatory approval.
5. Payward’s self-reported figures: Over $1.1 billion in assets under management, over $45 billion in cumulative trading volume, and more than 550,000 unique holders.

The fine print most easily overlooked: The issuer is Jersey-based Backed Assets (JE) Limited. The press release states that xStocks is not, and will not be, registered with local securities regulators, and is not protected by the FDIC or SIPC.

Before buying any tokenized stock, do these three checks:
1. Check your region: Is your location on the platform’s list of supported regions? If not, don’t try to get around the restriction.
2. Check the issuer: Who issued the token, where are they registered, and who do you contact if something goes wrong?
3. Check the ticker: Kraken says that when tickers overlap, a regional suffix is added before the “x”—for example, AIR.FRx. Don’t confuse the stocks of two different companies.

UK stocks have been tokenized, but Britons can’t buy them themselves—which part should I break down next: the upcoming Hong Kong stock plans, or “who can buy and who can’t”?

Follow me. This ongoing series on [tokenized stocks] covers only verified availability and restrictions; it’s not a recommendation to buy.

#代币化股票 #RWA #xStocks #Kraken