Kraken’s parent company, Payward, has finalized its acquisition of Bitnomial, securing a complete suite of CFTC-regulated derivatives in the United States. The deal provides Payward with Bitnomial’s futures broker, exchange, and clearinghouse licenses, enabling the firm to offer regulated crypto derivatives domestically without depending on third-party venues.
The transaction values Payward’s equity at $20 billion. This acquisition follows a previous $1.5 billion purchase of NinjaTrader in 2025. Together, these deals form the foundation of Payward’s strategy for U.S. derivatives expansion.
Payward plans to initiate spot margin offerings on Kraken and NinjaTrader platforms. The company anticipates adding perpetual futures—contracts without set expiry dates—and options subsequently. Additionally, the acquisition establishes a business-to-business route, allowing banks, fintech firms, and brokerages to access regulated U.S. derivatives via a single integration with Payward Services.
Bitnomial, established in 2014, invested over ten years in acquiring its CFTC licenses. The acquisition is valued at up to $550 million in cash and stock, according to the briefing provided.
This development occurs as U.S. crypto firms rush to bring derivatives operations under CFTC jurisdiction. Coinbase has already introduced perpetual-style futures stateside, while other trading platforms are examining similar offerings.
Crypto futures and options have emerged as dominant forces in digital asset trading, surpassing spot activity in both volume and leverage. In the last 24 hours, crypto futures trading volumes reached approximately $200 billion—double that of spot markets. A significant portion of this market, particularly options, is concentrated on unregulated offshore venues, restricting direct access for U.S.-based traders.