Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Bitnomial, a digital asset derivatives platform, for up to $550 million in a cash-and-stock deal. This acquisition values Bitnomial at $20 billion and provides Payward with a fully licensed US crypto derivatives stack. Bitnomial, founded over a decade ago, is the first crypto-native platform to secure all three necessary licenses to operate a full-stack derivatives business in the US. The acquisition allows Payward to bypass years of regulatory buildout 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. The company has pursued a strategic M&A strategy focused on expanding beyond pure crypto trading into multi-asset and derivatives infrastructure. The deal is expected to close in the first half of 2026, pending customary conditions and regulatory filings.
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.