Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial for up to $550 million in a cash-and-stock deal, valuing the company at $20 billion. This acquisition gives Payward a fully licensed US crypto derivatives stack, allowing it to shortcut years of regulatory buildout as it expands its US presence.
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 deal is expected to close in the first half of 2026, pending customary conditions and regulatory filings. As part of the acquisition, Payward will integrate Bitnomial's regulated infrastructure with its global distribution and liquidity across brands, including Kraken and NinjaTrader. The combined platform will offer spot margin, perpetual futures, and options for US clients under the Commodity Futures Trading Commission's oversight.
This move signals Kraken's strategy to evolve into a broader, institutional-grade, multi-asset trading platform spanning both crypto and traditional markets.