Payward, the parent of Kraken, agreed on 17 April to acquire Bitnomial, a US crypto derivatives exchange and clearing house, for up to $550m in cash and stock.
Why Payward, Inc. (Kraken) is buying Bitnomial
Payward said Bitnomial gives it clearing infrastructure built natively for digital assets, including crypto settlement, crypto collateral and continuous 24/7 markets, which it will use to offer spot margin, perpetual futures and options to US clients under CFTC regulation across Kraken and NinjaTrader.
“The shape of a market is determined by its clearing infrastructure, not its front end.”
Deal terms and financing
Payward acquires 100% of Bitnomial's equity for up to $550m payable in cash and stock, in a deal that values Payward's own equity at $20bn.
Regulatory approvals and timing
The deal was subject to customary conditions and required CFTC notices. Bitnomial announced on 1 May 2026 that Payward had completed the acquisition, giving it a futures commission merchant, a designated contract market and a derivatives clearing organisation.
Market context
Bitnomial says it was first to launch US perpetual futures and CFTC-regulated crypto margin collateral. Payward also owns futures brokerage NinjaTrader.
