Payward, the parent company of the cryptocurrency exchange Kraken, has finalized the acquisition of Bitnomial, thereby securing a comprehensive U.S. derivatives stack regulated by the Commodity Futures Trading Commission (CFTC).
This acquisition grants Payward control over Bitnomial's licenses for futures brokerage, exchange, and clearinghouse, enabling the company to offer regulated cryptocurrency derivatives in the U.S. without relying on third-party platforms. The transaction values Payward's equity at $20 billion, following its $1.5 billion acquisition of the retail futures platform NinjaTrader in 2025, which together form the foundation of its U.S.
derivatives strategy. Payward intends to initiate spot margin trading on Kraken and NinjaTrader, with plans to introduce perpetual futures and options in the future. This acquisition also provides Payward with a business-to-business pathway, allowing banks, fintech firms, and brokerages to access regulated U.S.
derivatives products through a single integration with Payward Services. Founded in 2014, Bitnomial spent over a decade building its CFTC licenses, and Payward is acquiring the company for up to $550 million in cash and stock. This deal occurs as U.S. cryptocurrency firms compete to bring derivatives onshore under CFTC regulations, with Coinbase already launching perpetual-style futures in the U.S.
and other trading firms exploring similar products. The cryptocurrency futures and options market has become the dominant layer of digital asset trading, with volumes and leverage surpassing spot activity. In the last 24 hours, cryptocurrency futures have generated approximately $200 billion in trading volume, roughly double the activity in spot markets, with a significant portion of this market, particularly options, concentrated on unregulated offshore venues, limiting direct access for U.S.-based traders.