Kraken's parent company, Payward, has finalized the purchase of Bitnomial, thereby acquiring a complete suite of CFTC-regulated derivatives in the United States. This deal enables Payward to oversee Bitnomial's licenses for futures brokerage, exchange, and clearinghouse operations, allowing the company to offer regulated cryptocurrency derivatives in the U.S. without dependence on third-party services.
The acquisition values Payward at $20 billion and follows its $1.5 billion purchase of NinjaTrader in 2025, forming a crucial part of its U.S. derivatives strategy. 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 channel, enabling 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 establishing 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 compete to establish derivatives onshore under CFTC regulations, with Coinbase already launching perpetual-style futures in the U.S. 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 concentrated on unregulated offshore platforms, limiting access for U.S.-based traders.