The parent company of crypto exchange Kraken has agreed to acquire digital asset derivatives platform Bitnomial for up to $550 million, in a cash and stock transaction that values the company at $20 billion, Payward said in a press release shared exclusively with CoinDesk.
Bitnomial, founded over a decade ago, is the first crypto-native platform to obtain all three licenses required to operate a full derivatives business domestically. It is authorized to operate a designated contracts market, a derivatives clearing organization and a futures commission trader. The acquisition effectively shortens years of increased regulation for Payward as it expands its presence in the United States.
“The shape of a market is determined by its clearing infrastructure, not its front end,” said Arjun Sethi, co-CEO of Payward, emphasizing that Bitnomial’s crypto-native settlement, collateralization and 24/7 trading capabilities are at the heart of the strategy.
Transaction activity in the crypto sector has begun to recover after a prolonged downturn, as companies look to consolidate capabilities and strengthen infrastructure following years of market volatility and regulatory scrutiny.
Larger, better-capitalized players are increasingly targeting acquisitions that fill strategic gaps such as custody, derivatives or compliance, rather than pursuing growth at all costs. At the same time, falling valuations have created opportunities for buyers, while smaller startups facing funding constraints are more open to acquisitions, paving the way for a more pragmatic phase of industry consolidation.
Scaling
Kraken has been growing ahead of its planned initial public offering (IPO). Payward said it confidentially submitted a draft S-1 to the US Securities and Exchange Commission on November 19 last year.
However, CoinDesk reported last month that the company had put its IPO plans on hold due to difficult market conditions. According to sources, the company is still considering an IPO, but probably not until market conditions improve.
In recent years, Kraken has pursued a relatively focused but increasingly strategic merger and acquisition strategy, focused on expanding simple crypto trading into a multi-asset and derivatives infrastructure.
The largest transaction was the $1.5 billion acquisition of NinjaTrader in 2025, a US-based retail futures and CFTC-registered FCM platform, marking the largest transaction ever between traditional finance and crypto and giving Kraken a direct foothold in US derivatives markets and a large base of futures traders.
Prior to this, Kraken had made small add-on acquisitions such as BCM in 2023 and other platform or exchange purchases, including the subsequent acquisition of Small Exchange, aimed at expanding its derivatives and institutional capabilities.
Overall, Kraken’s transactional activity indicates a clear strategy. Using M&A to acquire regulatory licenses, trading infrastructure and user bases that help it evolve into a broader, institutional-grade, multi-asset trading platform spanning crypto and traditional markets.
Derivatives activity
The combined platform will integrate Bitnomial’s regulated infrastructure with Payward’s global distribution and liquidity across brands such as Kraken and NinjaTrader. The initial offerings are expected to include spot margin, perpetual futures and options for U.S. customers under the supervision of the Commodity Futures Trading Commission.
Payward has grown its derivatives business globally, acquiring a UK crypto futures platform in 2019 and launching an EU offering in 2025. With Bitnomial, it now adds a fully regulated US stack.
The deal also expands Payward Services, the company’s B2B infrastructure arm, allowing banks, fintechs and brokerages to access regulated U.S. derivatives products through a single API integration.
The transaction, which covers 100% of Bitnomial’s equity, is expected to close in the first half of 2026, pending customary conditions and regulatory filings.
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