Kraken Parent Payward to Buy Bitnomial for Up to $550M, Building a CFTC-Regulated U.S. Crypto Derivatives Stack

Payward, the parent company of crypto exchange Kraken, has agreed to acquire U.S. derivatives firm Bitnomial for up to $550 million in a mix of cash and stock, aiming to expand Kraken's U.S. crypto derivatives offering under Commodity Futures Trading Commission (CFTC) oversight. Kraken said the transaction will pave the way for spot margin, perpetuals, and options to be offered on the platform within a CFTC-regulated framework. Payward noted that Bitnomial is the first crypto-native U.S. company to hold all three CFTC licenses required to operate a full domestic derivatives stack spanning an exchange, a clearinghouse, and a brokerage. Payward said Bitnomial has spent more than a decade building infrastructure to support crypto settlement, crypto collateral, and 24/7 market operations within U.S. regulatory requirements. Kraken co-CEO Arjun Sethi said market structure is ultimately defined by clearing infrastructure, arguing that Bitnomial's regulated foundation enables products such as spot margin, perpetuals, and options for U.S. clients in a way traditional systems cannot easily replicate. Bitnomial founder and CEO Luke Hoersten said the company built its exchange and clearinghouse specifically for digital assets, citing early work in areas including U.S. perpetual futures, CFTC-regulated crypto margin collateral, native crypto settlement, and a unified order book across spot and derivatives. Payward also said it will use Payward Services to let partners connect to regulated U.S. derivatives via a single API, targeting fintechs, banks, brokerages, and payment firms. The offering would extend beyond trading rails to include tokenized equities, staking, and fiat on- and off-ramps. The company said the deal values Payward's equity at $20 billion and is expected to close in the first half of 2026, subject to customary closing conditions and required CFTC notices. Payward added that it already operates regulated derivatives businesses in the UK and the EU, and that Bitnomial provides a comparable U.S. footprint as broader market-structure legislation remains a key policy priority. Disclaimer: This content is provided for informational and educational purposes only and does not constitute financial advice. The publisher is not responsible for losses arising from the use of any referenced content, products, or services. Readers should exercise caution before taking any action related to the company.