Kraken Closes Bitnomial Deal, Secures CFTC-Licensed U.S. Derivatives Platform
Kraken has completed its acquisition of Chicago-based Bitnomial, positioning parent company Payward to run a fully licensed U.S. crypto-derivatives stack under Commodity Futures Trading Commission (CFTC) oversight.
Payward said the transaction gives it control of a CFTC-approved structure that combines three core authorizations: a Futures Commission Merchant (FCM), a Designated Contract Market (DCM), and a Derivatives Clearing Organization (DCO). With all three approvals under one roof, Payward can offer trading, clearing, and brokerage through a single, integrated setup.
Bitnomial spent more than a decade securing the licenses and building its compliance framework. Following the close, the business will continue operating within Payward while keeping its existing system in place.
Payward plans to roll out the U.S. offering in stages, starting with spot margin trading on Kraken. Additional products, including perpetual contracts and options, are expected to follow. The company said the phased approach is designed to manage risk while expanding the product suite.
The integration will connect Bitnomial with Kraken, NinjaTrader, and Payward's broader business platform, aiming to provide banks, brokers, and payments firms a single access point to crypto derivatives.
The move comes as competition intensifies in crypto derivatives, with both digital-asset firms and traditional financial players seeking compliant pathways to meet U.S. regulatory standards. Payward argues its ability to control execution, clearing, and brokerage in one system can streamline processing and reduce friction compared with rivals that rely on separate providers.
Outside the U.S., Payward already operates regulated derivatives services in the United Kingdom and expanded offerings in the European Union in 2025, underscoring its strategy of scaling in rule-defined markets.
The Bitnomial purchase is among a wave of crypto-sector acquisitions reported in 2026, as firms increasingly buy regulated infrastructure rather than build it from scratch. Payward previously disclosed a $200 million investment from Deutsche Börse Group.
In company figures released in April, Payward reported $2.2 billion in revenue for 2025, roughly $2 trillion in trading volume, and more than $48 billion in customer assets held at year-end.
When first announced, the Kraken-Bitnomial transaction was described as worth up to $550 million in cash and stock, with Payward valued at $20 billion at the time. Final terms were not disclosed following closing.
Payward has also filed a draft S-1 with the U.S. Securities and Exchange Commission, signaling potential preparations for an initial public offering, though the company has not confirmed a final decision.
