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

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to purchase digital asset derivatives platform Bitnomial for up to $550 million in a cash-and-stock deal, valuing the company at $20 billion. This acquisition provides Payward with a fully licensed US crypto derivatives stack, enabling the company to expand its presence in the US market. Bitnomial, founded over a decade ago, is the first crypto-native platform to obtain all three necessary licenses to operate a full-stack derivatives business in the US. The acquisition allows Payward to bypass years of regulatory development, accelerating its expansion in the US. Kraken, while trailing behind 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. According to Payward Co-CEO Arjun Sethi, the acquisition of Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities is crucial to the company's strategy. The deal is part of a larger trend of consolidation in the crypto sector, with larger companies targeting strategic acquisitions to fill gaps in their capabilities and infrastructure. Kraken has been scaling up ahead of its planned initial public offering, having submitted a draft S-1 to the US Securities and Exchange Commission in November last year. However, the company has put its IPO plans on hold due to difficult market conditions. The acquisition of Bitnomial marks the latest move in Kraken's strategic expansion into multi-asset and derivatives infrastructure. The company has pursued a targeted M&A strategy, with notable transactions including the $1.5 billion acquisition of NinjaTrader in 2025. 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 is expected to close in the first half of 2026, pending customary conditions and regulatory filings.