Payward — the parent company of Kraken — has agreed to acquire Chicago-based Bitnomial for up to $550 million in cash and stock, in a deal that values Payward at $20 billion and is expected to close in the first half of 2026. The purchase covers 100% of Bitnomial’s equity and brings a rare regulatory asset into Payward’s fold: Bitnomial is the first U.S. crypto-native firm to hold all three core CFTC approvals at once — a designated contract market (DCM), a derivatives clearing organization (DCO), and a futures commission merchant (FCM).
Why this matters
- Holding DCM, DCO, and FCM registrations in one entity means Bitnomial can run an exchange, clear trades, and offer brokerage services under a single CFTC-regulated roof — a combination no other crypto-native U.S. firm currently has. Bitnomial spent more than a decade securing those approvals.
- Payward plans to fold Bitnomial’s infrastructure into Kraken, NinjaTrader, and Payward Services (its B2B platform), giving banks, fintechs, and brokerages a single API for regulated U.S. crypto derivatives — futures, options, and leveraged products — inside a CFTC framework.
“Foundational, not transactional,” Payward co-CEO Arjun Sethi said, calling the deal an “infrastructure layer that makes the next generation of U.S. derivatives possible.” Building a CFTC-regulated clearinghouse from scratch would typically take years of regulatory engagement and capital; acquiring Bitnomial compresses that timeline to the period needed to close the deal.
Business and strategic context
- Payward reported $2.2 billion in revenue for 2025, up 33% year-over-year, with its platforms processing roughly $2 trillion in transactions and holding more than $48 billion in customer assets at year-end.
- The Bitnomial acquisition completes Payward’s global derivatives build: the company bought a UK crypto futures platform in 2019, launched EU-regulated derivatives in 2025, and acquired NinjaTrader for $1.5 billion in 2025 (giving it retail futures access and a first CFTC registration). Bitnomial layers in exchange, clearing, and brokerage licenses to create a vertically integrated U.S. derivatives business.
Valuation and market signals
The deal follows Deutsche Börse’s $200 million investment for a 1.5% stake that valued Payward at roughly $13.3 billion. The $20 billion valuation implicit in the Bitnomial transaction signals a strategic premium the market is placing on regulated crypto derivatives infrastructure — particularly as the CLARITY Act could formally cement CFTC authority over non-securities digital asset trading.
IPO outlook
Payward’s IPO filing remains active. Sethi confirmed on April 14 that a public offering is “still on the table” even after the company paused formal IPO preparations in March amid difficult market conditions. Owning a full-stack, CFTC-licensed derivatives business strengthens Payward’s institutional narrative and revenue diversification — points that could support a higher valuation should the firm pursue a listing.
Why the industry should care
This deal fast-tracks a fully regulated U.S. derivatives stack for a major crypto exchange operator, lowering regulatory and operational barriers for institutional entrants and partners. If completed, the acquisition would mark a significant step toward mainstreaming regulated crypto derivatives in the U.S., and reflects growing investor appetite for regulated infrastructure as clarity around U.S. market jurisdiction improves.
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