Payward, the parent company of the cryptocurrency exchange Kraken, has finalized the purchase of Bitnomial, thereby acquiring a complete derivatives stack in the U.S. that is regulated by the Commodity Futures Trading Commission (CFTC). 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 relying on third-party platforms.
The transaction values Payward's equity at $20 billion, following its $1.5 billion acquisition of the retail futures platform NinjaTrader in 2025. These two deals form the core of Payward's U.S.
derivatives expansion. Initially, Payward plans to introduce spot margin on Kraken and NinjaTrader, with perpetual futures and options to be added later.
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, and Payward is paying up to $550 million in cash and stock for the company.
This deal occurs amidst a surge in U.S. crypto firms seeking 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 crypto 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.