In a landmark deal, Payward, the parent company of the prominent cryptocurrency exchange Kraken, has successfully acquired Bitnomial, thereby securing a complete derivatives stack in the US that is regulated by the Commodity Futures Trading Commission (CFTC). This strategic move empowers Payward to oversee Bitnomial's licenses for futures brokerage, exchange, and clearinghouse, enabling the company to offer regulated cryptocurrency derivatives in the US without dependence on third-party platforms. The transaction, which values Payward's equity at $20 billion, closely follows its $1.5 billion purchase of NinjaTrader, a retail futures platform, in 2025. These two acquisitions form the cornerstone of Payward's derivatives expansion in the US.
Initially, Payward plans to introduce spot margin on both Kraken and NinjaTrader, with perpetual futures and options expected to be added subsequently. Furthermore, this acquisition opens up a business-to-business pathway for Payward, allowing banks, fintech companies, and brokerages to access regulated US derivatives products through a single integration with Payward Services. Founded in 2014, Bitnomial has spent over a decade establishing its CFTC licenses.
The purchase price for Bitnomial is up to $550 million in cash and stock, as per the briefing provided. This development occurs amidst a race among US cryptocurrency firms to bring derivatives onshore under CFTC regulations, with Coinbase already launching perpetual-style futures in the US and other trading firms exploring similar offerings. The market for crypto futures and options has become the predominant layer of digital asset trading, surpassing spot activity in terms of both volume and leverage. Over the past 24 hours, crypto futures alone have generated approximately $200 billion in trading volume, roughly double the activity in spot markets.
A significant portion of this market, particularly options, is currently concentrated on unregulated offshore venues, thereby limiting direct access for US-based traders.