Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial in a cash-and-stock deal valued at up to $550 million. This acquisition values the firm at $20 billion and provides Payward with a fully licensed U.S.
crypto derivatives stack, enabling it to accelerate its expansion in regulated markets. Bitnomial, founded over a decade ago, is the first crypto-native platform to secure all three licenses required to operate a full-stack derivatives business in the U.S., including approvals to operate a designated contract market, a derivatives clearing organization, and a futures commission merchant.
The acquisition effectively shortcuts years of regulatory buildout for Payward as it expands its U.S. footprint. Kraken, a major player in the crypto derivatives market, has been scaling up ahead of its planned initial public offering.
Payward has been building out its derivatives business globally and with Bitnomial, it now adds a fully regulated U.S. stack.
The combined platform will integrate Bitnomial's regulated infrastructure with Payward's global distribution and liquidity across brands, including Kraken and NinjaTrader.