Payward, the parent company of crypto exchange Kraken, has completed its acquisition of Bitnomial, giving the company a full stack of US derivatives products regulated by the Commodity Futures Trading Commission (CFTC).
The deal gives Payward control of Bitnomial’s futures broker, exchange and clearinghouse licenses. This structure allows Payward to offer regulated crypto derivatives in the United States without relying on a patchwork of third-party sites.
The transaction values Payward’s equity at $20 billion. This follows the company’s $1.5 billion acquisition of futures platform NinjaTrader in 2025, with the two deals together forming the backbone of its US derivatives campaign.
Payward said it plans to start with spot margin on Kraken and NinjaTrader. Perpetual futures, contracts without fixed expiration and options are expected to follow.
The acquisition also gives Payward a business-to-business path. Banks, fintech companies and brokerages could connect to regulated U.S. derivatives products through a single integration with Payward Services, the company added.
Bitnomial was founded in 2014 and has spent over a decade developing its CFTC licenses. Payward is paying up to $550 million in cash and stock for the company, according to the provided briefing.
The deal comes as US crypto companies rush to import derivatives under CFTC rules. Coinbase has already launched perpetual futures in the United States, while other trading companies are exploring similar products.
The crypto futures and options market has become the dominant layer of digital asset trading, eclipsing the spot business in terms of volume and leverage. In the last 24 hours alone, cryptocurrency futures generated approximately $200 billion in trading volume, roughly double the activity in spot markets. A significant portion of this market, particularly options, is concentrated on unregulated offshore platforms, limiting direct access to U.S.-based traders.
