Payward Acquires Bitnomial in $550 Million Deal, Expanding its US Crypto Derivatives Presence

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Bitnomial, a digital asset derivatives platform, in a cash and stock transaction valued at up to $550 million. This deal gives Payward a fully licensed US crypto derivatives stack, allowing it to expand its presence in regulated markets. Bitnomial, founded over a decade ago, is the first crypto-native platform to secure the necessary licenses to operate a full-stack derivatives business in the US. The acquisition effectively bypasses years of regulatory buildout for Payward, accelerating its US expansion. Kraken, a major player in the crypto derivatives market, has been expanding its services to include derivatives, staking, and custody, positioning itself as a full-service trading platform. The deal is part of a larger trend of consolidation in the crypto sector, with larger players targeting strategic acquisitions to fill gaps in their capabilities and infrastructure. Payward Co-CEO Arjun Sethi noted that the acquisition of Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities is core to the company's strategy. The deal is expected to close in the first half of 2026, pending regulatory approvals. 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. The acquisition also expands Payward Services, allowing banks, fintechs, and brokerages to access regulated US derivatives through a single API integration.