Payward to buy Bitnomial for up to $550M, add U.S. CFTC licenses

Payward, the parent company of crypto exchange Kraken, agreed on April 17 to acquire Bitnomial for up to $550 million in cash and stock. The transaction values Payward’s equity at $20 billion and brings a fully CFTC-licensed U.S. derivatives platform into its operations. The deal is expected to close in the first half of 2026 and remains subject to customary closing and regulatory conditions.

Bitnomial has spent more than a decade building domestic exchange, clearinghouse and brokerage capabilities for digital assets. The company holds three Commodity Futures Trading Commission licenses that together permit a full-stack derivatives business in the United States, covering exchange, clearing and brokerage functions required by the regulator.

Payward said it will integrate Bitnomial’s exchange, clearinghouse and brokerage infrastructure into its trading network, which includes Kraken and NinjaTrader. The company expects to use the licensed platform to expand regulated product coverage in the U.S. and to strengthen Payward Services, its business-to-business trading and infrastructure arm.

Kraken announced on X that the combined businesses will offer CFTC-regulated spot margin, perpetuals and options. The post read: “Built for crypto from the ground up. Spot margin, perpetuals, and options are coming to Kraken under CFTC regulation.” Payward’s chief executive, Dave Ripley, posted 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. Looking forward to building and launching many new products in the near term.”

The companies did not provide specific launch dates for new products. Payward said regulatory approvals and the transaction closing will determine the timeline for integrating Bitnomial’s systems and bringing new offerings to market.

The acquisition adds regulated U.S. derivatives infrastructure to Payward’s existing global client base and liquidity pools. Payward wrote that combining Bitnomial’s licenses with its wider distribution channels will allow the firm to offer regulated derivatives more broadly across its product lineup and to provide regulated access through its B2B services.

Industry participants have been expanding regulated derivatives infrastructure in the United States as firms seek clearer compliance frameworks for crypto trading. Once the transaction closes and necessary approvals are obtained, Payward and its affiliates would be able to offer a broader set of CFTC-regulated products to U.S. customers.