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 in a cash-and-stock deal valued at up to $550 million. The transaction gives Payward a fully licensed US crypto derivatives stack, allowing it to accelerate its expansion into regulated markets. Founded over a decade ago, Bitnomial is the first crypto-native platform to secure all three licenses required to operate a full-stack derivatives business in the US. The acquisition effectively shortcuts years of regulatory buildout for Payward as it expands its US footprint. While Kraken trails other platforms in spot trading volumes, it remains a major player in the crypto derivatives market. 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 following years of market volatility and regulatory scrutiny. 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 last year. However, the firm has put its IPO plans on hold due to difficult market conditions. 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 Commodity Futures Trading Commission oversight. The deal also 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.