Payward, the parent company of Kraken cryptocurrency exchange, has finalized the acquisition of Bitnomial, thereby securing a complete derivatives stack regulated by the U.S. Commodity Futures Trading Commission. This acquisition provides Payward with control over Bitnomial's licenses for futures brokerage, exchange, and clearinghouse, enabling the company to offer regulated cryptocurrency derivatives in the U.S.
without dependence on third-party platforms. The transaction values Payward's equity at $20 billion and follows its $1.5 billion acquisition of NinjaTrader in 2025, forming a key component 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 subsequently. The acquisition also establishes 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 developing its CFTC licenses, with Payward acquiring the company for up to $550 million in cash and stock.
This move occurs amidst a surge in U.S. crypto firms seeking to establish derivatives operations onshore under CFTC regulations, with Coinbase already launching perpetual-style futures in the U.S. 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 access for U.S.-based traders.