Payward, the parent company of Kraken, has finalized the acquisition of Bitnomial, thereby gaining control over a full range of U.S. derivatives regulated by the Commodity Futures Trading Commission (CFTC). This acquisition provides Payward with licenses for a futures broker, exchange, and clearinghouse, enabling the firm to offer regulated cryptocurrency derivatives in the U.S. without relying on external third-party platforms.
The transaction values Payward's equity at $20 billion, following its $1.5 billion acquisition of NinjaTrader in 2025, which collectively forms the foundation of its U.S. derivatives expansion.
Payward intends to initiate spot margin trading on Kraken and NinjaTrader, with plans to introduce perpetual futures and options subsequently. The acquisition also establishes a business-to-business pathway, allowing banks, fintech companies, and brokerages to access regulated U.S.
derivatives products through a single integration with Payward Services. Founded in 2014, Bitnomial spent over a decade developing its CFTC licenses, with Payward acquiring the company for up to $550 million in cash and stock. This move comes as U.S.
crypto firms compete to establish derivatives onshore under CFTC regulations, with Coinbase already launching perpetual-style futures in the U.S. and other trading firms exploring similar products. The crypto futures and options market has become the predominant layer of digital asset trading, surpassing spot activity in both volume and leverage, with a significant portion of this market, particularly options, currently concentrated on unregulated offshore venues, limiting direct access for U.S.-based traders.