Kraken Parent Payward Buys Bitnomial for $550M

TLDR

• Payward, the parent company of Kraken, agreed to acquire Bitnomial for about $550 million in cash and stock.
• The deal will give Payward access to a CFTC-regulated exchange, clearinghouse, and brokerage platform.
• Bitnomial operates one of the few US clearinghouses that support physically delivered crypto derivatives.
• The Commodity Futures Trading Commission approved Bitnomial as a derivatives clearing organization in late 2023.
• Bitnomial launched its clearinghouse in early 2025 and completed its first cleared trade soon after.
• Payward generated $2.2 billion in revenue in 2025, reflecting a 33% year over year increase.

Payward, the parent company of Kraken, has agreed to acquire US derivatives venue Bitnomial for about $550 million. The company will fund the transaction with cash and stock, subject to regulatory approval. The move expands Payward’s footprint in regulated crypto futures and options markets in the United States.

Kraken and Payward Expand Regulated Derivatives Footprint

Payward will add Bitnomial’s CFTC-regulated exchange, clearinghouse, and brokerage to its existing trading platforms. The acquisition strengthens Kraken’s access to US-regulated crypto futures and options infrastructure. The companies expect to close the deal after receiving required approvals.

Bitnomial operates from Chicago and focuses on digital asset derivatives. It runs one of the few US clearinghouses permitted to clear physically delivered, margined crypto contracts. Therefore, Payward will gain direct control over exchange and clearing operations for derivatives products.

The Commodity Futures Trading Commission approved Bitnomial’s registration as a derivatives clearing organization in late 2023. That license allows the firm to clear margined futures and options with physical delivery of digital assets. As a result, traders can receive the underlying assets instead of cash settlements.

In early 2025, Bitnomial launched its clearinghouse as the fourth US-regulated venue supporting physically delivered, margined contracts. Its first cleared trade involved Jump Trading and Luxor Technology. Marex Capital Markets acted as the clearing firm in that transaction.

Bitnomial Adds Clearing and Institutional Access

Through this acquisition, Payward secures a complete US derivatives stack covering exchange, clearing, and brokerage services. This structure supports institutions that require CFTC-regulated venues for crypto exposure. Consequently, Kraken can broaden its regulated offerings to professional traders.

Payward has pursued an acquisition-driven strategy over recent years. It previously acquired NinjaTrader, Small Exchange, and tokenization firm Backed. These transactions helped the company build a broader trading and infrastructure platform.

The Bitnomial deal aligns with Payward’s focus on derivatives as a future revenue driver. The company generated $2.2 billion in revenue in 2025, reflecting a 33% increase year over year. Higher trading volumes and recent acquisitions supported that growth.

During 2025, Payward’s platforms processed about $2 trillion in transactions. By year-end, the group held more than $48 billion in customer assets. These figures highlight the scale of its exchange operations.

Institutional interest in Payward has also increased. Deutsche Börse acquired a 1.5% stake in the company for about $200 million. The investment underscored growing attention to its exchange infrastructure.

If regulators approve the transaction, Payward plans to integrate Bitnomial’s infrastructure with Kraken’s platforms. This integration will expand access to US-regulated crypto futures and options. The companies have not disclosed a specific closing date.

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