Kraken parent Payward closes $550 million Bitnomial deal, securing full CFTC derivatives stack
The deal gives Payward a full CFTC-regulated derivatives stack in the U.S.
What to know:
- Payward bought Bitnomial for up to $550 million in cash and stock, according to the provided briefing.
- The deal gives Payward a full CFTC-regulated derivatives stack in the U.S.
- Kraken plans to start with spot margin on the exchange and on NinjaTrader, with perpetuals and options expected to follow.
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, the two deals together forming the backbone of its U.S. derivatives push.
Payward said it plans to start with spot margin on Kraken and NinjaTrader. Perpetual futures, contracts without a set expiry, and options are expected to follow.
The acquisition also gives Payward a business-to-business path. Banks, fintech firms, 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 spent more than a decade building its CFTC licenses. Payward is paying up to $550 million in cash and stock for the company, according to the provided briefing.
