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According to The Block, Payward, Kraken’s parent company, has announced the completion of its acquisition of Chicago-based crypto-native exchange Bitnomial, thereby obtaining a full suite of U.S. derivatives licenses from the Commodity Futures Trading Commission (CFTC), including Futures Commission Merchant (FCM), Designated Contract Market (DCM), and Derivatives Clearing Organization (DCO) licenses. Payward stated that it will first launch spot margin trading on Kraken, followed by perpetual contracts and options products, all available to eligible U.S. customers. This acquisition will also provide partners—including banks, brokers, and payment service providers—with a channel to offer U.S. derivatives to their end customers. Bitnomial will operate independently under Payward while retaining its existing licenses and regulatory framework. The transaction’s value is reported to be up to $550 million, comprising cash and stock, implying a valuation for Payward of approximately $20 billion; however, the final terms have not been disclosed.
According to CoinDesk, Payward, Kraken’s parent company, announced the acquisition of digital asset derivatives platform Bitnomial for up to $550 million in cash and stock. The deal values Payward at approximately $20 billion. Bitnomial is the first crypto-native platform in the U.S. to hold all three key regulatory licenses: a Designated Contract Market (DCM), a Derivatives Clearing Organization (DCO), and a Futures Commission Merchant (FCM). Following the acquisition, Payward will instantly obtain all regulatory authorizations required to operate a full derivatives business in the U.S., significantly accelerating its path to compliance compared to building such capabilities organically. Post-integration, the combined platforms will launch spot margin, perpetual futures, and options products for U.S. customers. Through Payward Services’ B2B infrastructure, these regulated U.S. derivatives offerings will be made available to banks, fintech firms, and brokers via a single API. This acquisition marks Payward’s second major deal following its $1.5 billion acquisition of NinjaTrader in 2025. The transaction is expected to close in the first half of 2026.