Kraken's parent Payward acquires Bitnomial in $550M deal to expand US derivatives

By Parth Prabhudesai

Payward has entered into a definitive agreement to acquire Bitnomial for $550 million in cash and stock, marking a significant step in expanding its regulated derivatives footprint in the United States. The transaction values Payward's equity at $20 billion and is expected to close in the first half of 2026, subject to customary conditions.

Bitnomial is the first crypto-native exchange in the US to hold all three licenses issued by the Commodity Futures Trading Commission, enabling it to operate a fully integrated derivatives business, including exchange, clearinghouse, and brokerage services. The acquisition provides Payward with a regulated infrastructure that has taken over a decade to build.

The deal will combine Bitnomial's licensed derivatives capabilities with Payward's global client base and product ecosystem, including Kraken and NinjaTrader. It is expected to enable the rollout of regulated products such as spot margin, perpetual futures, and options for US clients.

Arjun Sethi, Co-Chief Executive Officer of Payward and Kraken, said: "Settlement mechanics and clearing infrastructure define what products can exist. Bitnomial has built a native digital asset foundation that allows us to deliver regulated derivatives at scale in the US."

Luke Hoersten, Founder and Chief Executive Officer of Bitnomial, added: "We built our platform from the ground up for digital assets. Joining Payward allows us to scale that vision and expand access to next-generation derivatives markets."

The acquisition also strengthens Payward Services, its B2B platform, enabling fintechs, banks, and brokerages to offer regulated US derivatives through a single integration.

This move builds on Payward's broader strategy to expand regulated derivatives offerings globally, following earlier initiatives in the UK and Europe.