Payward, the parent company of crypto exchange Kraken, said on Thursday it has entered a definitive agreement to acquire Bitnomial for up to $550 million in cash and stock. The deal would give Kraken a regulated route into US crypto derivatives, including perpetuals and options for domestic clients.
Bitnomial says it is the first US-based firm to hold all three core CFTC licenses needed to run a full derivatives venue: a Designated Contract Market (exchange), a Derivatives Clearing Organization (clearinghouse) and a Futures Commission Merchant (brokerage). Payward would gain the ability to list, clear and broker derivatives products through a single regulated framework, rather than assembling each piece separately.
The transaction values Payward at $20 billion.
B2B infrastructure play
Beyond consumer-facing products, the acquisition is designed to turn Bitnomial’s stack into a B2B infrastructure offering through Payward Services API. Bitnomial’s services page positions the company as infrastructure for institutional partners, offering clearing and settlement, exchange listing and regulatory support. Partners can post BTC, ETH and other approved digital assets as margin collateral.
The acquisition of retail derivatives and institutional infrastructure align with Kraken’s stated ambition to move beyond spot trading.
IPO backdrop
The deal arrives after Kraken paused its IPO plans in March amid difficult market conditions, having filed confidentially with the SEC in November. Adding a regulated US derivatives business could strengthen Payward’s profile if it returns to public markets.
Bitnomial is already an active venue. Earlier this month, it launched the first US-regulated Injective (INJ) futures through its CFTC-licensed exchange and clearinghouse, suggesting Payward is acquiring operating infrastructure rather than a licensing shell.
