Kraken Parent, Payward Strikes $550M Deal For Bitnomial, Expanding US Derivatives Reach

Payward, the parent company of Kraken, has signed a definitive agreement to acquire Bitnomial for up to $550 million, using a mix of cash and stock, putting the company's equity at $20 billion.

Payward plans to build out Bitnomial's team and operations as it looks to establish its U.S. derivatives capabilities.

"The shape of a market is determined by its clearing infrastructure, not its front end. Settlement mechanics, margin models, and contract structures define what products can exist and who can access them. The U.S. has had no clearing infrastructure built for digital assets," said Arjun Sethi, Co-CEO of Payward and Kraken.

"Bitnomial spent a decade building it: crypto settlement, crypto collateral, continuous 24/7 markets. These are capabilities that cannot be retrofitted onto legacy systems. They have to be built natively. That is the regulated foundation we are adding to Payward, starting with spot margin, perpetuals, and options for U.S. clients under CFTC regulation."

Payward said it expects the deal to close in the first half of 2026, subject to standard closing conditions. The company said it plans to file required CFTC notices as part of the closing process.

In the deal, PJT Partners is listed as Bitnomial's exclusive financial advisor, with Haynes Boone as legal counsel and Katten Muchin Rosenman LLP as regulatory advisor. Payward listed Jones Day as legal advisor and Morrison Foerster LLP as regulatory advisor.

Payward said the purchase would also expand Payward Services, its B2B infrastructure arm, by letting partners such as fintechs, banks, brokerages, and payments companies plug into regulated U.S. derivatives through a single integration. Payward Services also provides API access to crypto trading, tokenized equities, staking, and fiat on- and off-ramps, the company said.

The company said the passage of comprehensive market structure legislation in the U.S. remains one of its top policy priorities.

"We continue to lead policy engagement to establish regulatory clarity and drive innovation around the world for all of our products and services," Payward wrote.

"These are things adapted legacy infrastructure simply can't retrofit. That same foundation is what makes the next generation of derivatives possible: crypto-settled products, tokenized assets, and eventually the kind of continuous, capital-efficient contracts that have transformed global markets. Joining Payward means we can now build that future at the scale it deserves."

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