Kraken parent Payward’s adjusted EBITDA fell 66% year over year to $60 million.
Cointelegraph reported that, over the same period, Payward’s share of global spot trading nearly doubled, while fee-based services also expanded. Its revenue mix is changing, yet its profitability metric is falling—both things are happening at the same time.
· Market share and EBITDA are different metrics: the former is a share of trading volume, while the latter is a profitability measure after certain items are excluded. They are not interchangeable.
· The report cited slower trading as a drag, but did not provide a breakdown of revenue and costs.
Would you look first for an EBITDA recovery next quarter, or for signs that Payward can hold on to its market share?
Cointelegraph reported that, over the same period, Payward’s share of global spot trading nearly doubled, while fee-based services also expanded. Its revenue mix is changing, yet its profitability metric is falling—both things are happening at the same time.
· Market share and EBITDA are different metrics: the former is a share of trading volume, while the latter is a profitability measure after certain items are excluded. They are not interchangeable.
· The report cited slower trading as a drag, but did not provide a breakdown of revenue and costs.
Would you look first for an EBITDA recovery next quarter, or for signs that Payward can hold on to its market share?
