Kraken Parent Payward to Acquire Bitnomial for $550 Million

Highlights:

• Payward has agreed to acquire Bitnomial in a $550 million cash-and-stock deal.
• Bitnomial holds the full CFTC license stack for a US crypto derivatives business.
• The deal broadens Kraken’s U.S. derivatives reach across retail, institutional, and B2B channels.

Kraken parent Payward has agreed to acquire Bitnomial for up to $550 million in cash and stock, strengthening its push into regulated U.S. derivatives. The deal places Bitnomial’s exchange, clearinghouse, and brokerage licenses under Payward’s control, giving the firm a faster route into a regulated U.S. crypto market. Payward said the agreement values its equity at $20 billion.

Bitnomial has spent more than ten years building the licenses needed for a full derivatives business. It holds approval to operate a designated contract market, a derivatives clearing organization, and a futures commission merchant. Therefore, Payward evades the long process of building that structure from scratch by stepping into an operating framework built from day one for crypto markets.

Payward noted the deal supports a broader plan across Kraken, NinjaTrader, and Payward Services. It gives the group a stronger base for spot margin, perpetuals, and options for U.S. clients. Moreover, Bitnomial’s system supports crypto settlement, crypto collateral, and around-the-clock market design.

Kraken parent @Payward is acquiring @Bitnomial – the first fully CFTC-licensed derivatives company in the US built for digital assets. Built for crypto from the ground up.

Spot margin, perpetuals, and options are coming to Kraken under CFTC regulation.https://t.co/IBLotDkqQF

— Kraken (@krakenfx) April 17, 2026

Executives Point to Licenses and Reach as the Real Prize

Arjun Sethi, co-CEO of Payward, said that markets are formed by clearing rules rather than trading screens. He identified settlement mechanics, margin models, and contract design as the actual drivers of product access. Bitnomial’s infrastructure provides Payward with a regulated foundation, which is crypto-centric.

The deal was also tied to product design and market structure by Bitnomial founder Luke Hoersten. According to him, Bitnomial built an exchange and clearinghouse for crypto from the ground up. He pointed out milestones such as U.S. perpetual futures, collateralized crypto margins, and native crypto settlement.

The acquisition also opens another path through Payward Services, the company’s business-to-business platform. Through one integration, partners can offer trading, tokenized equities, staking, on-ramps, off-ramps, and regulated U.S. derivatives. As a result, banks, fintechs, brokerages, and payment firms could reach end users without building the full stack alone.

Kraken Builds on a Wider Regulated Market Push

The Bitnomial agreement builds on Payward’s earlier derivatives moves outside the United States. The company bought its first licensed crypto futures platform in the United Kingdom in 2019. Later, it launched a regulated European Union derivatives offering last year. Now, the U.S. acquisition gives Payward derivatives coverage across its main regions.

The timing also aligns with the growing institutional interest in Payward’s business. Deutsche Börse recently bought a 1.5% stake in the company for about $200 million. Meanwhile, Kraken Financial secured Federal Reserve master account approval in March through the Kansas City Fed. The move gave Kraken’s banking arm access to Fedwire, a payments system used across the U.S. banking network.

JUST IN: 🇺🇸 Kraken becomes the first crypto exchange to gain access to the Federal Reserve's core payments system. pic.twitter.com/tSpJbXLE0z

— Watcher.Guru (@WatcherGuru) March 4, 2026

The transaction still requires customary closing steps, and Payward anticipates closing it off during the first half of this year. The company noted it would submit the necessary CFTC notices as the deal proceeds toward completion. Beyond the formal process, the firm also plans to scale Bitnomial’s team and operations after closing.