Payward, the parent company of Kraken, has entered into a definitive agreement to acquire Bitnomial for up to $550 million in cash and stock, valuing Payward's equity at $20 billion. The deal is expected to close in the first half of 2026, pending customary conditions.
Bitnomial's Regulatory Edge: A Decade of Licensing
Bitnomial holds all three Commodity Futures Trading Commission (CFTC) licenses required to operate a full-stack domestic crypto derivatives business: exchange, clearinghouse, and brokerage. Built over more than ten years, this infrastructure gives Payward a regulated pathway to expand product coverage in the US. CEO Dave Ripley commented on X: “The deal printed at $550M on a $20B Payward valuation. This combination extends our infrastructure to encompass the full stack of CFTC licenses, allowing meaningful product expansion in the US across both traditional and crypto finance.”
Coming Products: Spot Margin, Perpetuals, Options Under CFTC
Kraken stated on X: “Built for crypto from the ground up. Spot margin, perpetuals, and options are coming to Kraken under CFTC regulation.” The acquisition positions Payward to launch crypto-native derivatives products that currently have limited supply in the US market, where traditional players like CME dominate. Bitnomial's licenses also enable Payward Services, the B2B platform, to offer regulated derivatives access to institutional clients.
Deal Terms and Market Context
The $550 million price is payable in cash and stock; specific ratios were not disclosed. Payward previously expanded its footprint through the acquisition of NinjaTrader. With this deal, Kraken aims to capture growing demand for regulated crypto derivatives among US traders and institutions.