Kraken Q1 Adjusted EBITDA Drops to $18M from $168M Year-Over-Year

According to Kraken co-CEO Arjun Sethi, Payward, the parent company of crypto exchange Kraken, reported adjusted EBITDA of $18 million in Q1 2026, down sharply from $168 million in Q1 2025. The company's adjusted revenue reached $507 million, up 3% year-over-year, but declined from $628 million in Q4 2025 following a market pullback.

Sethi attributed the EBITDA drop to the company's deliberate strategy to continue investing in product innovation, regulatory expansion, and platform diversification. The spending reflects Kraken's shift beyond spot crypto trading toward a broader multi-asset financial infrastructure model, with expansion into tokenized equities, derivatives, and stablecoin payments.