Payward acquires Bitnomial to secure CFTC-regulated US derivatives

Payward, the parent company of Kraken, announced on April 17, 2026 that it has signed a definitive agreement to acquire U.S. derivatives venue Bitnomial for up to $550 million in cash and stock, with the transaction valuing Payward’s equity at $20 billion.

The deal brings Bitnomial’s decade-built set of Commodity Futures Trading Commission (CFTC) registrations — a designated contract market (exchange), a derivatives clearing organization (clearinghouse) and a futures commission merchant (brokerage) — under Payward’s umbrella, providing a full regulated derivatives stack purpose-built for digital assets. Legal counsel to Bitnomial on the transaction was provided by Haynes Boone.

Payward says it will deploy Bitnomial’s regulated infrastructure across Kraken, NinjaTrader and Payward Services, enabling spot-margin trading initially and adding perpetuals and options for eligible U.S. clients in a CFTC-regulated framework. The parties expect to file required CFTC notices and target closing in the first half of 2026. The acquisition is framed as an infrastructure play to accelerate on‑shore regulated derivatives offerings.

In broader terms, securing a full CFTC-licensed stack addresses long-standing market-structure gaps in the U.S. crypto derivatives landscape: native crypto settlement, crypto-collateral margining and unified books across cash and derivatives markets can enable new product designs and institutional participation under regulatory oversight. Payward positions the transaction as shortening the multi-year timeline otherwise required to build that foundation.

Market observers note the acquisition could materially expand regulated liquidity and product distribution in the U.S., but also stress that regulatory approvals, operational integration and market‑structure legislation will shape the speed and scope of rollout. Given Payward’s recent M&A activity and IPO-related positioning, Bitnomial adds a strategically important regulated capability to its U.S. growth playbook.