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

Kraken parent Payward reported adjusted earnings of $60 million in the third quarter, up from $23 million in the second, but still 67% below a year earlier, per a shareholder letter cited by Bloomberg. Clients added assets for 12 straight months even as those holdings lost dollar value. The mixed picture matters to traders watching Kraken's path toward an IPO, since the profit rebound is real but far from closing the year-over-year gap.