Payward, the parent company of crypto exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial in a cash-and-stock deal valued at up to $550 million. The move gives Payward control of a fully licensed US crypto derivatives stack, enabling it to expand its presence in regulated markets.
Founded over a decade ago, Bitnomial is the first crypto-native platform to secure all three licenses required to operate a full-stack derivatives business in the US. The acquisition allows Payward to shortcut 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.