Payward Acquires Bitnomial for $550 Million, Expanding Its US Crypto Derivatives Presence

Kraken's parent company, Payward, has agreed to acquire Bitnomial, a digital asset derivatives platform, for up to $550 million in a cash-and-stock deal. This move values the company at $20 billion and grants Payward control over a fully licensed US crypto derivatives stack, thereby accelerating its expansion into regulated markets. Bitnomial is the first crypto-native platform to secure the necessary licenses to operate a full-stack derivatives business in the US, including approvals for a designated contract market, derivatives clearing organization, and futures commission merchant. The acquisition effectively bypasses years of regulatory development for Payward as it expands its US footprint. Kraken, which trails other platforms in spot trading volumes, remains a significant player in the crypto derivatives market. The company has expanded its services to include derivatives, staking, and custody, positioning itself as a comprehensive trading platform beyond a basic retail app. According to Payward Co-CEO Arjun Sethi, Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities are core to the company's strategy. The deal activity in the crypto sector has started to pick up after a prolonged downturn, with firms seeking to consolidate capabilities and strengthen infrastructure following years of market volatility and regulatory scrutiny. Larger, well-capitalized players are increasingly targeting strategic acquisitions that fill gaps in areas such as custody, derivatives, or compliance. The acquisition of Bitnomial is part of Kraken's efforts to scale up ahead of its planned initial public offering. Payward has been pursuing a targeted M&A strategy focused on expanding beyond pure crypto trading into multi-asset and derivatives infrastructure. The combined platform will integrate Bitnomial's regulated infrastructure with Payward's global distribution and liquidity, offering spot margin, perpetual futures, and options for US clients under the oversight of the Commodity Futures Trading Commission. The deal is expected to close in the first half of 2026, pending customary conditions and regulatory filings.