Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial in a cash-and-stock deal worth up to $550 million. This transaction values the company at $20 billion and was announced in a press release shared exclusively 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 US footprint. While Kraken lags behind platforms like OKX, Bybit, and Coinbase in terms of spot trading volumes, it remains a significant player in the crypto derivatives market. Kraken is a US-based cryptocurrency exchange that allows users to buy, sell, and trade digital assets like bitcoin and ether using fiat or crypto.
The company has expanded its services to include derivatives, staking, and custody, positioning itself as a comprehensive trading platform beyond a basic retail app. According to Payward Co-CEO Arjun Sethi, the shape of a market is determined by its clearing infrastructure, not its front end, highlighting Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities as core to the strategy.
The deal activity in the crypto sector has started to pick up after a prolonged downturn, as firms seek to consolidate capabilities and strengthen infrastructure following years of market volatility and regulatory scrutiny. Larger, better-capitalized players are increasingly targeting acquisitions that fill strategic gaps, such as custody, derivatives, or compliance, rather than pursuing growth at any cost. The acquisition of Bitnomial is part of Kraken's strategy to expand its presence in the US derivatives market, and it follows the company's $1.5 billion acquisition of NinjaTrader in 2025.
The combined platform will integrate Bitnomial's regulated infrastructure with Payward's global distribution and liquidity across brands, including Kraken and NinjaTrader. Initial offerings are expected to include spot margin, perpetual futures, and options for US clients under Commodity Futures Trading Commission oversight.