Kraken's parent company, Payward, has agreed to acquire digital asset derivatives platform Bitnomial for up to $550 million in a cash-and-stock deal, valuing the firm at $20 billion. The acquisition provides Payward with a fully licensed US crypto derivatives stack, including a designated contract market, derivatives clearing organization, and futures commission merchant. This move is expected to accelerate Payward's expansion in the US market, particularly in the crypto derivatives sector, where Kraken is a significant player.
The deal also marks a strategic move by Payward to consolidate its position in the market, following a period of regulatory scrutiny and market volatility. With the acquisition, Payward will integrate Bitnomial's regulated infrastructure with its global distribution and liquidity, offering spot margin, perpetual futures, and options to US clients. The combined platform will also expand Payward Services, allowing banks, fintechs, and brokerages to access regulated US derivatives through a single API integration.
The transaction, covering 100% of Bitnomial's equity, is expected to close in the first half of 2026, pending customary conditions and regulatory filings. Payward Co-CEO Arjun Sethi stated that the acquisition is a strategic move to add the infrastructure layer necessary for the next generation of US derivatives, rather than simply acquiring a company.