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 and provides Payward with a fully licensed US crypto derivatives stack, enabling it to expand its presence in regulated markets. Bitnomial is the first crypto-native platform to secure all three necessary licenses to operate a full-stack derivatives business in the US, including approvals to operate a designated contract market, a derivatives clearing organization, and a futures commission merchant. The acquisition accelerates Payward's regulatory buildout in the US and positions Kraken as a major player in the crypto derivatives market. Kraken has been expanding its services beyond spot trading, offering derivatives, staking, and custody, and positioning itself as a full-service trading platform. The deal activity in the crypto sector has been increasing, with larger players targeting strategic acquisitions to fill gaps in their capabilities and infrastructure. Payward's acquisition of Bitnomial is part of its strategy to expand its derivatives business globally, having previously acquired a UK crypto futures platform and launched an EU offering. 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 transaction is expected to close in the first half of 2026, pending customary conditions and regulatory filings.