Payward Agrees to Acquire Bitnomial Derivatives Exchange for Up to $550 Million

Kraken’s parent company Payward has agreed to acquire the derivatives exchange Bitnomial for up to $550 million in cash and stock, in a deal Payward said values its equity at $20 billion.

“Kraken's parent company Payward to acquire derivatives exchange Bitnomial for $550 million in cash and stock The deal gives Payward control of a fully licensed U”

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Multiple outlets describe the transaction as a way to bring a fully licensed U.S. crypto derivatives stack under Payward’s control, accelerating its expansion in regulated markets.

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CoinDesk reports that Payward “agreed to acquire Bitnomial for up to $550 million in cash and stock,” and says the acquisition “brings three licenses under Kraken's roof: a brokerage, a clearinghouse and an exchange.”

The Block similarly frames the deal as giving Payward “control of a fully CFTC-licensed U.S. crypto derivatives stack spanning exchange, clearing and brokerage,” and says it is “expected to close in the first half of 2026.”

Benzinga adds that Payward “plans to build out Bitnomial's team and operations” and that the purchase “expects the deal to close in the first half of 2026, subject to standard closing conditions.”

DL News places the transaction in a broader acquisition push, saying “In 2025, the company made five acquisitions,” and that Kraken’s parent is “buying another exchange, Bitnomial, for $550 million.”

Across the coverage, the same core structure appears: Payward will acquire Bitnomial for up to $550 million, the equity valuation is $20 billion, and the closing is targeted for the first half of 2026 pending regulatory steps.

The deal’s centerpiece is Bitnomial’s regulatory and operational infrastructure, which multiple outlets say is built around CFTC licensing and digital-asset-native derivatives plumbing.

CoinDesk says Bitnomial is “the first crypto-native platform to secure all three licenses required to operate a full-stack derivatives business in the U.S.” and lists the approvals as “a designated contract market, a derivatives clearing organization and a futures commission merchant.”

Benzinga

Decrypt likewise describes Bitnomial as holding “all three CFTC-issued licenses required to operate a full-stack domestic crypto trading and derivatives business: exchange, clearinghouse, and brokerage.”

The Defiant adds that Bitnomial “acquired the full set of CFTC licenses — exchange, clearinghouse, and brokerage — becoming what Kraken says is the first crypto company in the United States to do so.”

Payward and Kraken executives tie the acquisition to the idea that clearing infrastructure determines what markets can exist, with CoinDesk quoting Payward Co-CEO Arjun Sethi: “The shape of a market is determined by its clearing infrastructure, not its front end.”

Benzinga provides a longer version of Sethi’s argument, saying “Settlement mechanics, margin models, and contract structures define what products can exist and who can access them.”

In the same theme, CoinDesk says Sethi pointed to Bitnomial’s “crypto-native settlement, collateral and 24/7 trading capabilities as core to the strategy,” while the Kraken Blog says Bitnomial spent “over a decade securing the full set of US derivatives licenses — exchange, clearinghouse, and brokerage.”

The coverage also emphasizes that Payward intends to integrate Bitnomial into its existing brands and B2B distribution, with CoinDesk saying the acquisition will expand Payward’s U.S. derivatives push across “Kraken, NinjaTrader and B2B infrastructure.”

Payward’s leadership and Bitnomial’s founder both characterize the transaction as an infrastructure build rather than a conventional acquisition of a trading venue.

“Kraken-owner Payward has agreed to acquire Bitnomial in a deal valued at up to $550 million in cash and stock, giving the firm control of a fully licensed U”

Bitcoin Magazine

CoinDesk quotes Payward Co-CEO Arjun Sethi saying, “The shape of a market is determined by its clearing infrastructure, not its front end,” and the Benzinga account expands the same theme by adding, “The U.S. has had no clearing infrastructure built for digital assets.”

In Benzinga’s version, Sethi continues that “Bitnomial spent a decade building it: crypto settlement, crypto collateral, continuous 24/7 markets,” and stresses that “These are capabilities that cannot be retrofitted onto legacy systems.”

CoinDesk also includes a separate Sethi quote in emailed comments: “We are not acquiring a company. We are adding the infrastructure layer that makes the next generation of US derivatives possible.”

Bitnomial’s CEO Luke Hoersten is quoted by DL News and the Kraken Blog, with DL News saying “‘The US has had no clearing infrastructure built for digital assets,’ Arjun Sethi, co-CEO of Payward and Kraken, said,” and then attributing to Hoersten: “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.”

The Kraken Blog provides Hoersten’s longer statement, including that “Bitnomial was built on a simple conviction: that the future of derivatives is digital-asset-native,” and that “That’s why we built our exchange and clearinghouse from the ground up for crypto.”

It also says Hoersten pointed to capabilities including “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.”

Together, the quotes portray a consistent rationale across outlets: Payward wants Bitnomial’s CFTC-licensed, crypto-native settlement and collateral systems, and Bitnomial’s leadership frames the move as enabling the U.S. to lead in digital-asset-native derivatives.

Several outlets describe how Payward expects to use Bitnomial’s infrastructure to launch or expand U.S. derivatives products, tying the acquisition to specific offerings and regulatory oversight.

CoinDesk says “Initial offerings are expected to include spot margin, perpetual futures and options for U.S. clients under Commodity Futures Trading Commission oversight.”

CoinDesk

The Defiant similarly says the acquisition is “expected to close in the first half of 2026, pending CFTC notice filings and customary closing conditions,” and it notes that Bitnomial had already received CFTC approval “to clear fully-collateralized swaps” in December 2025.

Decrypt also emphasizes that the deal expands Payward Services, stating that “Beyond regulatory access, the deal expands Payward Services, the company's B2B infrastructure platform that gives partners access to financial infrastructure capabilities through APIs.”

The Kraken Blog describes the same B2B channel in more detail, saying “Through Payward Services, our B2B infrastructure platform, the acquisition also opens a new channel for partners, including fintechs, banks, brokerages, and payment providers, to offer regulated US derivatives products to their own end users through a single integration.”

Benzinga adds that Payward Services provides “API access to crypto trading, tokenized equities, staking, and fiat on- and off-ramps,” and says the purchase “would also expand Payward Services, its B2B infrastructure arm.”

The Block frames the product and infrastructure integration as giving Payward a regulated foundation that took “more than a decade to assemble,” and it says Payward plans to use it to launch “spot margin, perpetuals, and options under CFTC oversight.”

Across these accounts, the same timeline and regulatory framing recur: Payward expects to file required CFTC notices in connection with closing, and the transaction is expected to close in the first half of 2026.

The acquisition is also presented as part of Payward and Kraken’s broader corporate and capital strategy, including IPO planning and recent funding and investment details.

“Kraken parent Payward will buy Bitnomial for up to $550M, adding a full CFTC derivatives stack just as Deutsche Börse’s $200M stake backs its U”

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CoinDesk says Payward “confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission on November 19 last year,” and it adds that CoinDesk reported last month the firm had “put its IPO plans on hold due to difficult market conditions.”

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Decrypt similarly says Payward “confidentially submitted a draft S-1 to the SEC in November,” and notes that “CoinDesk reported last month that the firm had put its public market plans on hold due to unfavorable market conditions.”

DL News says Kraken “confirmed that it had confidentially filed for a US initial public offering,” and it adds that the crypto exchange “previously filed a draft statement of the Form S-1 to the Securities and Exchange Commission in November.”

The Defiant and The Block both connect the deal to Payward’s valuation and recent stake activity involving Deutsche Börse, with The Defiant stating that “Germany's largest stock exchange operator, Deutsche Börse, announced it had invested $200 million in Payward, for a roughly 1.5% fully diluted stake.”

The Block reports that Deutsche Borse disclosed a “$200 million purchase of Payward shares” and says the stake was “a 1.5% fully diluted stake.”

Multiple outlets also include deal-advisor names, with Benzinga listing “PJT Partners” as Bitnomial’s exclusive financial advisor, “Haynes Boone” as legal counsel, and “Katten Muchin Rosenman LLP” as regulatory advisor, while Payward listed “Jones Day” as legal advisor and “Morrison Foerster LLP” as regulatory advisor.

The Kraken Blog provides the same advisor set, stating “Advisors PJT Partners served as exclusive financial advisor, Haynes Boone served as legal advisor, and Katten Muchin Rosenman LLP served as regulatory advisor to Bitnomial,” and “Jones Day served as legal advisor, and Morrison Foerster LLP served as regulatory advisor to Payward.”

Finally, the coverage repeatedly returns to the closing conditions and regulatory filings, with CoinDesk saying the transaction is “expected to close in the first half of 2026, pending customary conditions and regulatory filings,” and with Benzinga adding that Payward “plans to file required CFTC notices as part of the closing process.”