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

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial for up to $550 million in a cash-and-stock deal. The acquisition values Bitnomial at $20 billion and provides Payward with a fully licensed US crypto derivatives stack. Bitnomial, founded over a decade ago, is the first crypto-native platform to secure all three licenses required to operate a full-stack derivatives business in the US. The acquisition will shortcut years of regulatory buildout for Payward as it expands its US footprint. Kraken remains a major player in the crypto derivatives market, despite trailing platforms like OKX, Bybit, and Coinbase in spot trading volumes. The exchange has expanded into services such as derivatives, staking, and custody, positioning itself as a more full-service trading platform. Payward Co-CEO Arjun Sethi highlighted Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities as core to the strategy. The deal activity in the crypto sector has begun to pick up after a prolonged downturn, as firms look to consolidate capabilities and shore up infrastructure. Larger players are targeting acquisitions that fill strategic gaps, such as custody, derivatives, or compliance. Kraken has been scaling up ahead of its planned initial public offering, having confidentially submitted a draft S-1 to the US Securities and Exchange Commission. However, the firm has put its IPO plans on hold due to difficult market conditions. The acquisition of Bitnomial is part of Kraken's strategic M&A strategy, which has 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 across brands, including Kraken and NinjaTrader. Initial offerings are expected to include spot margin, perpetual futures, and options for US clients under Commodity Futures Trading Commission oversight. The deal expands Payward Services, allowing banks, fintechs, and brokerages to access regulated US derivatives through a single API integration. The transaction, which covers 100% of Bitnomial's equity, is expected to close in the first half of 2026, pending customary conditions and regulatory filings.