Payward, the parent company of cryptocurrency exchange Kraken, is set to acquire US derivatives firm Bitnomial in a cash and stock transaction.
The company has signed a definitive agreement to acquire 100% of Bitnomial’s outstanding equity for up to $550m.
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The transaction values Payward’s equity at $20bn.
Bitnomial is a crypto-native exchange in the US and holds three Commodity Futures Trading Commission (CFTC) licences used to operate a full-stack domestic crypto trading and derivatives business.
In its announcement, Payward said the combination will bring together Bitnomial’s “fully CFTC-licenced infrastructure” with Payward’s “global client base, deep liquidity, and distribution” across Kraken, NinjaTrader and other products.
The acquisition also provides access to infrastructure and licencing that can “takes years to build” to assemble in the US market. This includes exchange, clearinghouse and brokerage capabilities.
Payward and Kraken co-CEO Arjun Sethi said: “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 US has had no clearing infrastructure built for digital assets. 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 US clients under CFTC regulation.”
Payward also positioned the acquisition as a distribution opportunity for its B2B infrastructure unit, Payward Services. The company said partners including fintechs, banks, brokerages and payment providers could offer regulated US derivatives products to end users through a single integration.
Payward also plans to scale Bitnomial’s team and operations as it builds out its US derivatives business.
The deal is expected to close in the first half of 2026, subject to customary closing conditions.
Recently, Payward received a $200m investment from Deutsche Börse Group. The transaction gave Deutsche Börse a 1.5% fully diluted stake in Payward.
