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

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial in a cash-and-stock deal valued at up to $550 million. This transaction values the firm at $20 billion, according to a press release shared with CoinDesk. 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 enables Payward to bypass years of regulatory development as it expands its presence in the US market. Kraken, a major player in the crypto derivatives market, trails behind platforms like OKX, Bybit, and Coinbase in terms of spot trading volumes. However, it has diversified its services to include derivatives, staking, and custody, positioning itself as a comprehensive trading platform. Payward Co-CEO Arjun Sethi emphasized the importance of Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities in shaping the market. The deal is part of a larger trend of consolidation in the crypto sector, where larger firms are targeting strategic acquisitions to fill gaps in their infrastructure and capabilities. Kraken has been scaling up ahead of its planned initial public offering (IPO), having confidentially 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 a significant step in Kraken's strategic expansion 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 the oversight of the Commodity Futures Trading Commission. The deal is expected to close in the first half of 2026, pending customary conditions and regulatory filings.