Payward, the parent company of crypto exchange Kraken, is acquiring Chicago-based digital asset derivatives exchange Bitnomial for up to $550 million. This move significantly expands Kraken's derivatives market presence, following previous acquisitions of NinjaTrader and Small Exchange.
Payward co-CEO Arjun Sethi highlighted that Bitnomial's established, regulated clearing and settlement infrastructure for digital assets will accelerate the rollout of U.S. crypto derivatives products. Sethi emphasized the critical role of clearing infrastructure in shaping market possibilities and accessibility.
The all-cash and stock transaction grants Payward three Commodity Futures Trading Commission (CFTC) regulatory approvals: designated contract market, derivatives clearing organization, and futures commission merchant. This acquisition merges Bitnomial's regulated infrastructure with Payward's global client base and liquidity.
Bitnomial founder Luke Hoersten stated the exchange was built on the conviction that derivatives' future is digital-asset-native, with the U.S. positioned to lead this evolution. The deal implies a $20 billion valuation for Payward and is expected to close in the first half of 2026, pending regulatory approval.
This acquisition follows Payward's recent $200 million strategic investment from Deutsche Börse Group, further strengthening their partnership in regulated crypto and institutional trading infrastructure.