Payward Acquires Pioneering US Crypto Derivatives Firm Bitnomial

The $550 million deal values Payward at $20 billion and gives the company full CFTC licensing to operate a vertically integrated crypto derivatives business.

Apr. 17, 2026 at 8:10pm

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A high-end, photorealistic studio still-life photograph featuring a stack of polished metal crypto trading tokens arranged elegantly on a clean, monochromatic background, conceptually representing the regulated infrastructure of crypto derivatives trading.Payward's acquisition of Bitnomial solidifies its position as a leader in the regulated crypto derivatives market, providing a vertically integrated platform for trading, clearing, and brokerage.Chicago Today

Payward, the parent company of Kraken, has agreed to acquire Bitnomial, the first US crypto derivatives platform to hold all three CFTC licenses simultaneously, for up to $550 million in cash and stock. The deal values Payward at $20 billion and is expected to close in the first half of 2026.

Why it matters

The acquisition gives Payward the infrastructure to run a fully regulated crypto derivatives exchange, clearing house, and brokerage services under one CFTC-approved framework. This strengthens Payward's global derivatives capabilities and positions the company for growth as the US government moves to formally establish CFTC oversight of digital asset trading.

The details

Bitnomial is the first crypto-native US firm to hold all three CFTC licenses required for a full-stack derivatives business — a designated contract market, a derivatives clearing organization, and a futures commission merchant. This allows Payward to offer a vertically integrated platform for trading, clearing, and brokerage of crypto futures, options, and leveraged products. The deal covers 100% of Bitnomial's equity and will integrate the Chicago-based firm's infrastructure across Payward's Kraken, NinjaTrader, and Payward Services platforms.

  • The deal is expected to close in the first half of 2026.
  • Bitnomial spent over a decade securing its three CFTC approvals.

The players

Payward

The parent company of Kraken, a major cryptocurrency exchange.

Bitnomial

The first US crypto derivatives platform to hold all three CFTC licenses simultaneously, allowing it to operate an exchange, clearing house, and brokerage services under one regulated framework.

Arjun Sethi

Co-CEO of Payward.

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What they’re saying

“We are not acquiring a company. We are adding the infrastructure layer that makes the next generation of US derivatives possible.”

— Arjun Sethi, Co-CEO, Payward

What’s next

The deal is expected to close in the first half of 2026, pending regulatory approvals.

The takeaway

Payward's acquisition of Bitnomial gives the company a vertically integrated, CFTC-regulated crypto derivatives business, strengthening its global position as the US government moves to formally establish oversight of digital asset trading.