Payward, the parent of cryptocurrency exchange Kraken, announced Friday that it has finalized a deal to acquire derivatives platform Bitnomial for up to $550 million in cash and stock.
The acquisition focuses on Bitnomial’s regulatory framework as the first fully CFTC-licensed derivatives firm in the U.S. designed specifically for digital assets, holding all three necessary licenses from the CFTC: exchange, clearinghouse, and brokerage.
In addition to gaining regulatory access, this deal will enhance Payward Services, the company’s B2B infrastructure platform that allows partners to connect with financial infrastructures through APIs. The upgraded platform now incorporates crypto trading, tokenized equities, staking, on/off-ramps, and regulated U.S. derivatives.
“The market’s structure is shaped by its clearing infrastructure rather than just its user interface,” stated Payward Co-CEO Arjun Sethi in a release. “Settlement processes, margin models, and contract structures dictate the viability of products and their accessibility. There has been no clearing system tailored for digital assets in the U.S.”
“Bitnomial invested ten years to develop this infrastructure: crypto settlement, collateral, and continuous 24/7 markets,” he added. “Such capabilities cannot be adapted into existing legacy systems; they must be inherently built. This is the regulated base we are integrating into Payward, beginning with spot margin, perpetuals, and options for U.S. clients under CFTC oversight.”
The transaction is anticipated to conclude in the first half of 2026, as per Kraken’s announcement. The acquisition values Payward equity at $20 billion, consistent with its valuation from November when it secured an $800 million funding round. Earlier this week, Deutsche Börse, operators of Frankfurt stock exchange, invested $200 million for a 1.5% stake in the company.
Payward launched its EU derivatives service in 2025 and confidentially submitted a draft S-1 to the SEC in November, indicating potential plans for an IPO. However, as reported by CoinDesk in March, unfavorable market conditions have led the firm to defer these public market aspirations.