Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire digital asset derivatives platform Bitnomial in a cash-and-stock deal worth up to $550 million. This transaction values the company at $20 billion and grants Payward control over a fully licensed US crypto derivatives stack, enabling the company 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, including approvals to operate a designated contract market, a derivatives clearing organization, and a futures commission merchant.
This acquisition allows Payward to shortcut years of regulatory development, accelerating its US expansion. Kraken, a major player in the crypto derivatives market, trails platforms like OKX, Bybit, and Coinbase in spot trading volumes but has expanded its services to include derivatives, staking, and custody, positioning itself as a full-service trading platform. According to Payward Co-CEO Arjun Sethi, Bitnomial's crypto-native settlement, collateral, and 24/7 trading capabilities are core to the company's strategy, as the shape of a market is determined by its clearing infrastructure, not its front end. The deal activity in the crypto sector has picked up after a prolonged downturn, with firms focusing on consolidating capabilities and shoring up infrastructure following years of market volatility and regulatory scrutiny.
Larger players are targeting acquisitions that fill strategic gaps, such as custody, derivatives, or compliance, rather than pursuing growth at any cost. The acquisition of Bitnomial is part of Kraken's strategic expansion plan, which includes scaling up ahead of its planned initial public offering.
Kraken has been pursuing a targeted M&A strategy, focusing on expanding beyond pure crypto trading into multi-asset and derivatives infrastructure. The company's most significant transaction was its $1.5 billion acquisition of NinjaTrader in 2025, a US-based retail futures platform and CFTC-registered FCM.
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.