Payward Acquires Bitnomial for $550 Million, 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 deal valued at up to $550 million. This transaction values the company at $20 billion and gives Payward a significant foothold in the US crypto derivatives market. Bitnomial is the first crypto-native platform to obtain all three necessary licenses to operate a full-stack derivatives business in the US, including approvals to run a designated contract market, a derivatives clearing organization, and a futures commission merchant. This acquisition effectively shortcuts years of regulatory development for Payward as it expands its presence in the US. Kraken, while trailing behind other platforms in spot trading volumes, remains a major player in the crypto derivatives market. The exchange offers users the ability to buy, sell, and trade digital assets like bitcoin and ether using fiat or crypto, and has expanded into services such as derivatives, staking, and custody. According to Payward Co-CEO Arjun Sethi, Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities are core to the company's strategy, stating that 'the shape of a market is determined by its clearing infrastructure, not its front end.' The deal activity in the crypto sector has begun to pick up after a prolonged downturn, with firms seeking to consolidate capabilities and strengthen infrastructure following years of market volatility and regulatory scrutiny. Larger companies are targeting acquisitions that fill strategic gaps such as custody, derivatives, or compliance, rather than pursuing growth at any cost. The acquisition of Bitnomial is part of Kraken's strategy to scale up ahead of its planned initial public offering (IPO), which was confidentially submitted 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. Kraken has been pursuing a targeted M&A strategy focused on expanding beyond pure crypto trading into multi-asset and derivatives infrastructure. The company's most significant transaction was its $1.5 billion acquisition of NinjaTrader in 2025, a US-based retail futures platform and CFTC-registered FCM. 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 also expands Payward Services, the firm's B2B infrastructure arm, 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.