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

Kraken parent Payward reported adjusted earnings of $60 million for the third quarter, up from $23 million in the second quarter but still 67% below the year-earlier figure, according to Bloomberg. Client assets grew for a 12th consecutive month even as the dollar value of those holdings declined. The rebound comes as the exchange group moves toward a planned IPO. The results underscore how far profitability still trails prior-year levels despite sequential improvement.