Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Bitnomial, a digital asset derivatives platform, in a cash-and-stock deal worth up to $550 million. This transaction values the company at $20 billion and provides Payward with a fully licensed US crypto derivatives stack, enabling it to expand its presence in the US market.
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 allows Payward to shortcut years of regulatory buildout, accelerating its expansion in the US. Kraken, a major player in the crypto derivatives market, has been expanding its services beyond spot trading, including derivatives, staking, and custody.
The company's co-CEO, Arjun Sethi, highlighted the importance of Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities in the acquisition. The deal is part of a larger trend of consolidation in the crypto sector, with larger companies targeting strategic acquisitions to fill gaps in their capabilities and infrastructure. Kraken has been scaling up ahead of its planned initial public offering, having confidentially submitted a draft S-1 to the US Securities and Exchange Commission last year.
However, the company has put its IPO plans on hold due to difficult market conditions. The acquisition of Bitnomial is part of Kraken's strategic M&A strategy, focused on expanding beyond pure crypto trading into multi-asset and derivatives infrastructure.
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. The deal is expected to close in the first half of 2026, pending customary conditions and regulatory filings.