Payward, the parent company of cryptocurrency exchange Kraken, has finalized its purchase of Bitnomial, thereby acquiring a complete U.S. derivatives stack regulated by the Commodity Futures Trading Commission (CFTC). This deal 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 relying on third-party venues.
The transaction values Payward's equity at $20 billion and follows its $1.5 billion acquisition of retail futures platform NinjaTrader in 2025, forming the core of its U.S. derivatives expansion. Payward intends to initiate spot margin trading on Kraken and NinjaTrader, with perpetual futures and options expected to be introduced 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 building its CFTC licenses, with Payward paying up to $550 million in cash and stock for the company. This move occurs as U.S.
cryptocurrency firms rush 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, surpassing spot activity in both volume and leverage, with a significant portion of this market, particularly options, concentrated on unregulated offshore venues, limiting direct access for U.S.-based traders.