Payward Acquires Bitnomial for $550 Million, Expanding Regulated 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 firm at $20 billion and grants Payward control over a fully licensed US crypto derivatives stack, enabling the company to accelerate its expansion into regulated markets. Bitnomial, founded over a decade ago, is the first crypto-native platform to secure all 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 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 and 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.