Payward Acquires Bitnomial for $550 Million to Expand Regulated Crypto Derivatives

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial for up to $550 million in cash and stock. This transaction values the firm at $20 billion and gives Payward a fully licensed US crypto derivatives stack. 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 is expected to shortcut years of regulatory buildout for Payward as it expands its US footprint. Kraken, a major player in the crypto derivatives market, has been scaling up ahead of its planned initial public offering. The company has pursued a strategic 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 Commodity Futures Trading Commission oversight. The deal is expected to close in the first half of 2026, pending customary conditions and regulatory filings.