Payward, the parent company of Kraken, has finalized its purchase of Bitnomial, thereby acquiring a complete US derivatives stack regulated by the Commodity Futures Trading Commission. 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 US 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 US derivatives expansion.
Payward intends to commence with spot margin on Kraken and NinjaTrader, to be followed by perpetual futures and options. The acquisition also provides Payward with a business-to-business pathway, enabling banks, fintech firms, and brokerages to access regulated US 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 US cryptocurrency firms compete to bring derivatives onshore under CFTC regulations, with Coinbase already launching perpetual-style futures in the US. 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 concentrated on unregulated offshore venues, limiting access for US-based traders.