Payward, the parent of Kraken, agreed to acquire derivatives platform Bitnomial for up to USD$550 million in cash and stock, the company said Friday.
The deal targets Bitnomial’s regulatory framework in the United States derivatives market. Additionally, the platform holds exchange, clearinghouse and brokerage licences from the Commodity Futures Trading Commission (CFTC).
Bitnomial operates as a U.S.-regulated derivatives platform built for digital assets. It provides trading, clearing and brokerage services under one integrated system. Additionally, the company holds licences from the CFTC for each of those functions.
Bitnomial focuses on crypto-native infrastructure rather than adapting legacy financial systems. Furthermore, it supports crypto collateral, real-time settlement and continuous 24/7 trading. The platform allows institutions and traders to access futures and other derivatives tied to digital assets. Meanwhile, its clearing system manages risk, margin requirements and trade settlement within a regulated framework.
Those licences allow a full-stack domestic crypto derivatives business under one regulated structure. Meanwhile, Payward aims to use that structure to expand access for U.S. clients.
The acquisition also strengthens Payward Services, the firm’s business-to-business infrastructure platform. In addition, partners can access trading, staking, tokenized equities and payment rails through APIs. Executives said clearing infrastructure shapes what products markets can offer and who can use them. However, they argued that legacy systems cannot easily adapt to digital asset settlement and collateral models.
Payward’s co-chief executive Arjun Sethi said Bitnomial built crypto-native clearing over the past decade. Furthermore, he said continuous markets and crypto collateral support products like perpetual futures and options.
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Payward has expanded internationally
The company plans to introduce those products to U.S. clients under CFTC oversight. Consequently, Payward expects to broaden its derivatives offering beyond offshore venues.
The transaction should close in the first half of 2026, subject to approvals. Additionally, the agreement values Payward equity at about USD$20 billion.
That valuation matches its November funding round, when it raised USD$800 million. Meanwhile, Deutsche Börse AG (ETR: DB1) invested USD$200 million earlier this week for a 1.5 per cent stake.
Payward has expanded internationally while navigating U.S. regulatory limits on crypto derivatives. In addition, it launched a European Union derivatives offering in 2025.
The company also confidentially filed a draft S-1 with the Securities and Exchange Commission last November. However, reports in March said it paused IPO plans due to market conditions.
Executives now appear focused on building regulated infrastructure before returning to public markets. Consequently, the Bitnomial acquisition positions Payward to compete in U.S. derivatives under a unified regulatory framework.
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