Payward, the parent company of the cryptocurrency exchange Kraken, has finalized its purchase of Bitnomial, thereby acquiring a complete derivatives stack regulated by the CFTC in the U.S. 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 needing to rely on external venues. The transaction values Payward's equity at $20 billion, following its $1.5 billion acquisition of NinjaTrader in 2025, which collectively forms the core of its U.S.
derivatives strategy. Payward intends to initiate spot margin trading on Kraken and NinjaTrader, with perpetual futures, contracts without fixed expiry dates, and options expected to be introduced subsequently. The acquisition also establishes a business-to-business pathway, allowing banks, fintech companies, 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 paying up to $550 million in cash and stock for the company. This deal occurs amidst the rush by U.S.
cryptocurrency firms 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 primary 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.