Payward, the parent company of crypto exchange Kraken, has completed its acquisition of derivatives platform Bitnomial, strengthening its position in the regulated U.S. crypto trading market.
The acquisition gives Payward control of Bitnomial’s Commodity Futures Trading Commission-regulated exchange, broker and clearinghouse licenses, allowing the company to offer a fully integrated suite of crypto derivatives products in the United States.
The transaction values Payward’s equity at approximately US$20 billion and follows its earlier acquisition of retail futures platform NinjaTrader in 2025. Together, the deals form the foundation of Kraken’s expanding U.S. derivatives strategy.
Payward said it plans to initially offer spot margin products through Kraken and NinjaTrader before expanding into perpetual futures and crypto options. The company also intends to provide institutional access to derivatives markets through a single integration for banks, brokerages and fintech firms.
Bitnomial, founded in 2014, spent more than a decade securing regulatory approvals from the CFTC. Payward is reportedly paying up to $550 million in cash and stock for the acquisition.
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