Kraken parent Payward to buy Bitnomial in deal worth up to $550m

The acquisition provides Payward with the necessary CFTC licenses to offer regulated, physically settled digital asset futures and options within the US.

Payward, the parent company of crypto exchange Kraken, says it has inked a deal to acquire digital asset derivatives exchange Bitnomial "for up to $550 million payable in cash and stock".

Based in Chicago, US, Bitnomial provides a platform for trading digital asset futures and options, specifically focusing on physically settled contracts where the underlying cryptocurrency is delivered rather than cash. The exchange also operates its own brokerage and clearing services, allowing users to use digital assets as collateral for margin trading.

The acquisition is expected to close "in the first half of 2026", Payward says, and includes Bitnomial's three US Commodity Futures Trading Commission (CFTC) licences: Designated Contract Market (DCM), Derivatives Clearing Organisation (DCO), and Futures Commission Merchant (FCM).

Payward says the deal gives the company "access to a regulated foundation that takes years to build". Founded in 2011, Payward provides the financial infrastructure layer powering Kraken as well as products including NinjaTrader, Breakout, xStocks, and CF Benchmarks.

"With the acquisition of Bitnomial, Payward now offers a regulated derivatives offering across all of its major markets," the company continues.

Payward adds that the purchase "also opens a new channel for partners, including fintechs, banks, brokerages, and payment providers, to offer regulated US derivatives products to their own end users through a single integration" via the company's B2B infrastructure platform, Payward Services.

Operationally, Payward says it intends to "scale Bitnomial's team and operations as it builds out its US derivatives capabilities". This effort will directly complement existing developments in Europe, where Payward purchased UK-based Crypto Facilities - recognised as the first regulated entity to offer futures on major assets like ETH and XRP - in February 2019, before going on to launch an EU derivatives platform in May last year.

"The US has had no clearing infrastructure built for digital assets. Bitnomial spent a decade building it: crypto settlement, crypto collateral, continuous 24/7 markets," explains Arjun Sethi, co-CEO of Payward and Kraken. "That is the regulated foundation we are adding to Payward, starting with spot margin, perpetuals, and options for US clients under CFTC regulation," Sethi adds.