Payward Agrees To Acquire Bitnomial For Up To $550 Million In Cash And Stock

Payward, the parent company of the crypto exchange Kraken, agreed to acquire the derivatives exchange Bitnomial for up to $550 million in cash and stock, in a transaction that values Payward’s equity at $20 billion.

Multiple outlets described the deal as a way to bring Bitnomial’s “fully licensed U.S. crypto derivatives stack” under Payward’s control, accelerating expansion in regulated markets.

Benzinga

CoinDesk reported that Payward said the acquisition “gives Payward control of a fully licensed U.S. crypto derivatives stack,” while Decrypt said the transaction centers on Bitnomial’s “regulatory infrastructure” as “the first fully CFTC-licensed derivatives company in the United States built for digital assets.”

The Kraken Blog framed the move as an infrastructure build, saying Payward is acquiring Bitnomial “for up to $550 million payable in cash and stock, in a transaction that values Payward’s equity at $20 billion.”

Payward’s plan is also tied to a specific timeline: CoinDesk said the acquisition “is expected to close in the first half of 2026,” and Decrypt likewise said “The transaction is expected to close in the first half of 2026.”

Several reports emphasized that Bitnomial is the first crypto-native platform in the U.S. to secure all three CFTC licenses required for a full-stack derivatives business, including a designated contract market, a derivatives clearing organization, and a futures commission merchant.

CoinDesk added that the deal “brings three licenses under Kraken’s roof: a brokerage, a clearinghouse and an exchange,” while Bitcoin Magazine described those approvals as enabling an exchange, clearing trades, and offering brokerage services “within a single regulated framework.”

Across the coverage, Payward executives repeatedly tied the acquisition to market structure rather than front-end trading features, arguing that clearing infrastructure determines what products can exist.

CoinDesk quoted Payward Co-CEO Arjun Sethi saying, “The shape of a market is determined by its clearing infrastructure, not its front end,” and pointed to Bitnomial’s “crypto-native settlement, collateral and 24/7 trading capabilities as core to the strategy.”

Bitcoin Magazine

Decrypt carried the same framing, quoting Sethi: “Settlement mechanics, margin models, and contract structures define what products can exist and who can access them. The U.S. has had no clearing infrastructure built for digital assets.”

The Kraken Blog expanded on that argument with a longer Sethi statement that again emphasized clearing infrastructure and added that “These are capabilities that cannot be retrofitted onto legacy systems. They have to be built natively.”

Bitcoin Magazine similarly described Bitnomial’s decade-long effort, saying the exchange spent “more than a decade developing a system designed for digital assets, including crypto settlement, crypto collateral, and continuous trading.”

In that account, Bitnomial’s founder Luke Hoersten was quoted describing the company’s approach as building “from the ground up for crypto,” and the Kraken Blog attributed to him a detailed list of capabilities including “the first-ever US perpetual futures” and “native crypto settlement.”

Cointelegraph also quoted Sethi’s clearing-infrastructure line and repeated the “no clearing infrastructure built for digital assets” point, while adding that Payward planned to use Bitnomial’s infrastructure to offer “spot margin trading, perpetual futures contracts and options trading for US clients.”

The deal is presented as more than a standalone exchange acquisition, with multiple reports describing how Bitnomial’s infrastructure would be integrated into Payward’s existing brands and business-to-business offerings.

“Kraken is set to strengthen its dominance in U”

Bitcoin News

CoinDesk said the combined platform will integrate Bitnomial’s regulated infrastructure with Payward’s distribution and liquidity across brands including Kraken and NinjaTrader, and it described initial offerings expected to include “spot margin, perpetual futures and options for U.S. clients under Commodity Futures Trading Commission oversight.”

Bitcoin Magazine similarly said the acquisition brings Bitnomial’s foundation under Payward’s ecosystem, which includes Kraken and its “recently acquired futures platform NinjaTrader.”

Decrypt described Payward Services as a B2B infrastructure platform that gives partners access to financial infrastructure capabilities through APIs, and it listed that the platform now includes “crypto trading, tokenized equities, staking, on/off-ramps, and regulated U.S. derivatives.”

The Kraken Blog said the acquisition “brings together Bitnomial’s fully CFTC-licensed infrastructure with our global client base, deep liquidity, and distribution across Kraken, NinjaTrader, and its broader product family,” and it described Payward Services as opening “a new channel for partners” including fintechs, banks, brokerages, and payment providers.

CoinDesk also said the transaction “expands Payward Services, the firm’s B2B infrastructure arm, allowing banks, fintechs and brokerages to access regulated U.S. derivatives through a single API integration.”

Cointelegraph added that Payward’s business clients can integrate crypto services for their users, including “spot crypto trading, tokenized stocks, crypto derivatives and fiat onramps through Payward Services, an application programming interface (API).”

The acquisition announcement arrived alongside signals about Payward’s and Kraken’s capital markets plans, with several outlets tying the transaction to an IPO process and to recent funding and investment activity.

CoinDesk said Payward “confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission on November 19 last year,” and it added that CoinDesk reported last month the firm had “put its IPO plans on hold due to difficult market conditions,” while noting that “the company is still considering an initial public offering.”

CoinDesk

Bitcoin Magazine reported that the deal “is expected to close in the first half of 2026, subject to customary conditions and regulatory filings with the Commodity Futures Trading Commission,” and it also said Kraken’s “busy week” included “a confidential IPO filing as its valuation dropped to $13.3 billion.”

The Kraken Blog described the transaction details and said “The transaction is subject to customary closing conditions and is expected to close in the first half of 2026,” while also stating that Payward’s equity is valued at $20 billion.

Multiple sources also referenced Deutsche Börse’s investment in Payward as part of the broader context for Payward’s valuation and its push into regulated derivatives.

CoinDesk said “Deutsche Börse acquired a $200 million stake in Payward” to expand institutional crypto services, and it reported that the firm’s valuation dropped to $13.3 billion.

Decrypt said “Earlier this week, Frankfurt stock exchange operator Deutsche Börse invested $200 million into the firm for a 1.5% stake,” and crypto.news similarly described Deutsche Börse’s “$200 million investment for a 1.5% stake in Payward, valuing Kraken at about $13.3 billion.”

The sources frame the Bitnomial acquisition as a step toward bringing more crypto derivatives activity onto regulated U.S. venues, with multiple outlets describing how Bitnomial’s licensing and clearing approvals could expand product availability.

“Log in to access your notifications and stay updated”

Coinpedia

CoinDesk said the acquisition “effectively shortcuts years of regulatory buildout for Payward as it expands its U.S. footprint,” and it described the combined platform’s expected offerings for U.S. clients under CFTC oversight.

Coinpedia

Bitcoin Magazine emphasized that Bitnomial is the first crypto-native platform to secure “all three licenses required to operate a full-stack derivatives business,” and it described Payward’s rationale as addressing the U.S. lack of clearing infrastructure built for digital assets.

Decrypt similarly quoted Sethi saying “The U.S. has had no clearing infrastructure built for digital assets,” and it said Payward would add “spot margin, perpetuals, and options for U.S. clients under CFTC regulation.”

Cointelegraph added that Payward planned to use Bitnomial’s infrastructure to offer those products, and it described Payward Services as enabling partners to integrate crypto services including “tokenized stocks, crypto derivatives and fiat onramps.”

The Defiant described Bitnomial’s licensing history, saying Bitnomial “was founded in 2014” and that it had “acquired the full set of CFTC licenses — exchange, clearinghouse, and brokerage,” and it said Bitnomial received CFTC approval in December 2025 to clear “fully-collateralized swaps.”

CoinDesk and crypto.news both connected the deal to broader regulatory movement, with crypto.news citing CFTC Commissioner Caroline Pham and describing her push to bring leveraged spot crypto trading and perpetual-style products onshore under DCM and DCO oversight.