Payward, the parent company of the cryptocurrency exchange Kraken, has finalized its purchase of Bitnomial, thereby acquiring a full range of U.S. derivatives regulated by the Commodity Futures Trading Commission (CFTC).
This deal enables Payward to control Bitnomial's licenses for futures brokerage, exchange, and clearinghouse, allowing 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 NinjaTrader in 2025, which together form the foundation of its U.S. derivatives expansion. Payward intends to initially offer spot margin on Kraken and NinjaTrader, with perpetual futures and options to be introduced subsequently. The acquisition also provides Payward with a business-to-business channel, enabling 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, with Payward paying up to $550 million in cash and stock for the company. This move comes as U.S.
cryptocurrency firms compete to bring derivatives onshore under CFTC rules, 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 crypto futures generating around $200 billion in trading volume in the past 24 hours alone, roughly double the activity in spot markets. A significant portion of this market, particularly options, is concentrated on unregulated offshore venues, limiting direct access for U.S.-based traders.