Major Cryptocurrency Exchange Operator Expands Regulatory Footprint with Strategic Acquisition, Securing Comprehensive US Trading Permissions

Table of Contents Bitnomial acquisition by Payward, the parent company of Kraken, is now officially closed. The deal hands Payward the first fully CFTC-licensed crypto-native derivatives stack in the United States. It includes a Futures Commission Merchant, a Designated Contract Market, and a Derivatives Clearing Organization. Together, these licenses allow regulated spot margin, perpetuals, and options for eligible U.S. clients. The rollout begins on Kraken, with NinjaTrader also included in the plan. Bitnomial is a Chicago-based digital asset derivatives exchange. The company spent over a decade building its regulatory framework from the ground up. Unlike traditional platforms adapted for crypto, Bitnomial was designed with digital assets as the core. That distinction made it a strategic target for Payward. The acquisition was first announced on April 17, 2026. Payward agreed to pay up to $550 million in cash and stock. The transaction valued Payward’s equity at $20 billion. Final terms were not disclosed upon closing. Bitnomial will continue operating within the Payward group after the deal. Its existing licenses, regulatory structure, and third-party businesses remain fully intact. Payward plans to scale the Bitnomial team as U.S. derivatives operations grow. This approach preserves compliance while expanding the platform’s reach. Co-CEO Arjun Sethi was direct about what the deal delivers. “Closing this deal brings a regulated US derivatives stack to Payward, its clients and partners,” Sethi said. He described it as “a broker, exchange, clearinghouse purpose-built for digital assets, not adapted to them.” He added that spot margin on Kraken launches first, with perpetuals and options to follow, all under CFTC regulation. The Bitnomial acquisition also opens a new channel for Payward’s B2B partners. Banks, brokerages, fintechs, and payment providers can now offer regulated U.S. derivatives to their clients. This runs through Payward Services, the company’s infrastructure platform. Partners integrate through a single connection alongside existing product offerings. Payward described the deal as foundational for its product roadmap. “This is the foundation that enables Payward to bring CFTC-regulated spot margin, perpetuals and options to eligible US clients on Kraken and NinjaTrader,” the company stated. Those existing products also include crypto trading, tokenized equities, staking, and on/off-ramps. Adding regulated U.S. derivatives strengthens the overall infrastructure offering considerably. Outside the U.S., Payward already operates regulated derivatives businesses in two major markets. It acquired a licensed crypto futures platform in the UK back in 2019. A regulated EU derivatives offering then launched in 2025. The Bitnomial deal completes the company’s multi-year international derivatives build-out. Earlier in May, Payward also disclosed a $200 million investment from Deutsche Börse Group. The firm operates the Frankfurt Stock Exchange and provides clearing infrastructure across Europe. Separately, Payward confidentially submitted a draft S-1 registration statement to the SEC in November. A public listing remains a possibility on the horizon.