Payward agreed to acquire Bitnomial for up to $550 million in cash and stock.
The deal brings three licenses under Kraken’s roof: a brokerage, a clearinghouse and an exchange.
The acquisition will expand Payward’s U.S. derivatives push across Kraken, NinjaTrader and B2B infrastructure.
“The shape of a market is determined by its clearing infrastructure, not its front end,” said Payward Co-CEO Arjun Sethi, pointing to Bitnomial’s crypto-native settlement, collateral and 24/7 trading capabilities as core to the strategy.
Deal activity in the crypto sector has begun to pick up after a prolonged downturn, as firms look to consolidate capabilities and shore up 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 any cost. At the same time, depressed valuations have created opportunities for buyers, while smaller startups facing funding constraints are more open to being acquired, setting the stage for a more pragmatic phase of industry consolidation.
Scaling up
Kraken has been scaling up ahead of its planned initial public offering (IPO). Payward said it confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission on November 19 last year.
However, CoinDesk reported last month that the firm had put it’s IPO plans on hold due to difficult market conditions. According to sources, the company is still considering an initial public offering, but probably not until market conditions improve.
In recent years, Kraken has pursued a relatively targeted but increasingly strategic M&A strategy focused on expanding beyond pure crypto trading into multi-asset and derivatives infrastructure.
The most significant transaction was its $1.5 billion acquisition of NinjaTrader in 2025, a U.S.-based retail futures platform and CFTC-registered FCM, marking the largest-ever deal between traditional finance and crypto and giving Kraken a direct foothold in U.S. derivatives markets and a large base of futures traders.
Prior to that, Kraken executed smaller tuck-in acquisitions such as BCM in 2023 and other platform or exchange purchases, including the later acquisition of Small Exchange, aimed at building out its derivatives and institutional capabilities.
Overall, Kraken’s deal activity signals 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 business
The combined platform will integrate Bitnomial’s regulated infrastructure with Payward’s global distribution and liquidity across brands including Kraken and NinjaTrader. Initial offerings are expected to include spot margin, perpetual futures and options for U.S. clients under Commodity Futures Trading Commission oversight.
Payward has been building out its derivatives business globally, acquiring a U.K. crypto futures platform in 2019 and launching an EU offering in 2025. With Bitnomial, it now adds a fully regulated U.S. stack.
The deal also expands Payward Services, the firm’s B2B infrastructure arm, allowing banks, fintechs and brokerages to access regulated U.S. derivatives 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.
The exchange, formerly known as Garantex and based in Kyrgyzstan, has been sanctioned by the U.S., U.K. and EU for helping users bypass sanctions.
What to know:
Grinex cryptocurrency exchange suspended operations after a cyber attack drained about 1 billion rubles ($13 million) from its systems, which the platform attributed to state-backed actors.
The exchange, formerly known as Garantex and based in Kyrgyzstan, has been sanctioned by the U.S., U.K., and EU for helping users bypass sanctions.
