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 a fully licensed US crypto derivatives stack, allowing 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 is expected to close in the first half of 2026, pending customary conditions and regulatory approvals.
Kraken, a major player in the crypto derivatives market, has been expanding its services to include derivatives, staking, and custody, positioning itself as a full-service trading platform. The deal is part of Kraken's strategic plan to consolidate its position in the market through targeted acquisitions. Payward Co-CEO Arjun Sethi stated that the acquisition of Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities is core to the company's strategy. The transaction is expected to integrate Bitnomial's regulated infrastructure with Payward's global distribution and liquidity, offering spot margin, perpetual futures, and options for US clients under the oversight of the Commodity Futures Trading Commission.