Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial in a cash and stock transaction valued at up to $550 million. This deal gives Payward control over a fully licensed US crypto derivatives stack, enabling the company to expand its presence in 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. The acquisition allows Payward to shortcut years of regulatory buildout, effectively accelerating its US expansion. 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, focusing on expanding beyond pure crypto trading into multi-asset and derivatives infrastructure. The acquisition of Bitnomial 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.