Payward, the parent company of crypto exchange Kraken, has completed its acquisition of Bitnomial, giving the firm a full US derivatives stack regulated by the Commodity Futures Trading Commission (CFTC).
The deal gives Payward control of Bitnomial’s futures brokerage, exchange and clearinghouse licenses. This structure allows Payward to offer regulated crypto derivatives in the US without relying on a patchwork of third-party venues.
The transaction values Payward’s equity at $20 billion. It follows the firm’s $1.5 billion acquisition of retail futures platform NinjaTrader in 2025, with the two deals together forming the backbone of its US derivatives push.
Payward said it plans to start with spot margin on Kraken and NinjaTrader. Perpetual futures, contracts without a fixed expiration and options are expected to follow.
The acquisition also gives Payward a business-to-business route. Banks, fintech firms and brokerages could connect to regulated US derivatives products through a single integration with Payward Services, the company added.
Founded in 2014, Bitnomial spent more than a decade building its CFTC licenses. Payward will pay up to $550 million in cash and stock for the company, according to the briefing provided.
The deal comes as US crypto firms race to bring derivatives onshore under CFTC rules. Coinbase has already launched perpetual-style futures in the US, while other trading firms are exploring similar products.
The crypto futures and options market has become the dominant layer of digital asset trading, exacerbating spot activity in both volume and leverage. In the past 24 hours alone, crypto futures have generated around $200 billion in trading volume, roughly double the activity in spot markets. A significant portion of this market, particularly options, is concentrated in unregulated offshore venues, limiting direct access for US-based traders.
