Payward Acquires Bitnomial for $550 Million, Expanding Its U.S. Crypto Derivatives Presence

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial in a deal valued at up to $550 million. The transaction is a cash-and-stock arrangement that values the firm at $20 billion. Bitnomial, founded over a decade ago, is the first crypto-native platform to secure all three licenses required to operate a full-stack derivatives business in the U.S., including approvals to operate a designated contract market, a derivatives clearing organization, and a futures commission merchant. This acquisition effectively shortcuts years of regulatory buildout for Payward as it expands its U.S. footprint. Kraken, a major player in the crypto derivatives market, trails platforms like OKX, Bybit, and Coinbase in spot trading volumes but has expanded into services such as derivatives, staking, and custody, positioning itself as a more full-service trading platform beyond a basic retail app. The acquisition of Bitnomial adds a fully regulated U.S. derivatives stack to Payward's global distribution and liquidity across brands, including Kraken and NinjaTrader, with initial offerings expected to include spot margin, perpetual futures, and options for U.S. 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.