Payward, the parent company of crypto exchange Kraken, has announced an agreement to acquire digital asset derivatives exchange Bitnomial in a deal valued at up to $550 million in cash and stock. The acquisition represents a significant step toward expanding Payward’s regulated derivatives footprint in the United States.
Based in Chicago, Bitnomial operates a digital asset derivatives platform focused on physically settled futures and options, where the underlying cryptocurrency is delivered rather than cash-settled. The exchange also provides integrated brokerage and clearing services, allowing traders to use digital assets as collateral for margin trading.
The transaction, expected to close in the first half of 2026, includes Bitnomial’s three key licenses from the U.S. Commodity Futures Trading Commission (CFTC): Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Futures Commission Merchant (FCM). These licenses provide Payward with a fully regulated foundation to offer digital asset derivatives products in the U.S. a process that typically takes years to establish.
Payward stated that the acquisition significantly accelerates its regulatory positioning, enabling the company to deliver physically settled crypto derivatives within a compliant U.S. framework. The deal also enhances its broader infrastructure offering, opening a new distribution channel for fintechs, banks, brokerages, and payment providers to access regulated derivatives products through a single integration via its B2B platform, Payward Services.
Founded in 2011, Payward operates as the infrastructure backbone behind Kraken and a growing suite of financial products, including NinjaTrader, CF Benchmarks, Breakout, and xStocks. With the addition of Bitnomial, the company strengthens its ambition to offer a comprehensive, regulated derivatives ecosystem across major global markets.
Operationally, Payward plans to scale Bitnomial’s team and expand its U.S. derivatives capabilities, complementing its existing presence in Europe. The company previously acquired UK-based Crypto Facilities in 2019, one of the first regulated platforms to offer crypto futures and launched its EU derivatives platform in 2025.
According to Payward co-CEO Arjun Sethi, the acquisition addresses a long-standing gap in the U.S. market. He noted that while demand for crypto derivatives has grown significantly, the underlying clearing infrastructure has remained underdeveloped. Bitnomial’s decade-long investment in building crypto-native settlement, collateral systems, and continuous 24/7 market infrastructure provides the foundation needed to scale regulated offerings in the U.S.
With this move, Payward positions itself to deliver a fully integrated derivatives stack, including spot margin, perpetuals, and options, within a regulated environment, aligning with the increasing institutionalization of digital asset markets.
