Crypto exchange Kraken’s parent company, Payward, has entered a definitive agreement to acquire digital asset derivatives platform Bitnomial, the first fully CFTC-licensed derivatives company for up to $550 million payable in cash and stock. The transaction values Payward’s equity at $20 billion and is expected to close in the first half of 2026, pending regulatory approvals.
According to the official announcement, the acquisition gives Payward direct access to the U.S. derivatives market by acquiring Bitnomial’s fully CFTC-licensed infrastructure — something Bitnomial spent over a decade building.
A decade of regulatory groundwork
Bitnomial is the first crypto-native firm in the U.S. to secure all three key licenses required for a full-stack derivatives business: a designated contract market (DCM), a derivatives clearing organization (DCO), and a futures commission merchant license (FCM).
By acquiring Bitnomial, Payward effectively gains access to a fully compliant derivatives infrastructure built specifically for digital assets, bypassing what would otherwise require years of groundwork.
Payward Co-CEO Arjun Sethi emphasized the importance of clearing infrastructure, stating: “The shape of a market is determined by its clearing infrastructure, not its front end. Settlement mechanics, margin models, and contract structures define what products can exist and who can access them. The US has had no clearing infrastructure built for digital assets.”
He added that Bitnomial’s crypto-native settlement, crypto collateral systems, and 24/7 trading capabilities form the regulated foundation for future products, starting with spot margin, perpetual futures, and options for U.S. clients under CFTC regulation.
Building a next-gen trading ecosystem
Following the acquisition, Payward plans to roll out a range of derivatives products for U.S. clients, including spot margin trading, perpetual futures, and options—all under Commodity Futures Trading Commission (CFTC) oversight.
The integration will combine Bitnomial’s regulated backend with Payward’s global liquidity and distribution network, spanning platforms including Kraken and NinjaTrader.
Luke Hoersten, Founder and CEO of Bitnomial, highlighted the long-term vision, “Bitnomial was built on a simple conviction: that the future of derivatives is digital-asset-native, and that the US should lead it, not follow it. That’s why we built our exchange and clearinghouse from the ground up for crypto — and it’s why Bitnomial has been first on nearly every meaningful capability: the first-ever US perpetual futures, the first CFTC-regulated crypto margin collateral, native crypto settlement, and a unified book across spot, futures, options, and perpetuals.”
He added that joining Payward will allow the platform to scale its infrastructure and accelerate the development of crypto-native financial products, including crypto-settled products and tokenized assets.
Part of a broader growth strategy
The Bitnomial acquisition builds on Payward’s multi-year push into derivatives. The company acquired the first licensed crypto futures platform in the UK in 2019, launched a regulated EU derivatives offering in 2025, and completed a $1.5 billion purchase of NinjaTrader in 2025. With Bitnomial, Payward now offers regulated derivatives across all of its major markets.
Separately, the company had filed a confidential S-1 registration statement with the SEC in November 2025 for a potential initial public offering, but paused IPO plans in March 2026 citing difficult market conditions. Co-CEO Sethi confirmed on April 14, 2026, that the filing remains active and a public offering is “still on the table.”
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