Payward, the parent company of crypto exchange Kraken, has completed its acquisition of Bitnomial, giving the company a full stack of US derivatives regulated by the Commodity Futures Trading Commission (CFTC).
The deal gives Payward control of Bitnomial’s clearinghouse, exchange and futures broker licenses. That structure allows Payward to offer U.S.-regulated crypto derivatives without relying on a patchwork of third-party venues.
The transaction values Payward’s capital at $20 billion. It follows the company’s $1.5 billion acquisition of retail futures platform NinjaTrader in 2025, with the two deals together forming the backbone of its US derivatives push.
Payward said it plans to start with spot margin on Kraken and NinjaTrader. Perpetual futures, contracts with no set expiration and options are expected to follow.
The acquisition also gives Payward a business-to-business path. Banks, fintech companies and brokerages could connect to US regulated derivatives products through a unique integration with Payward Services, the company added.
Bitnomial was founded in 2014 and spent over a decade developing its CFTC licenses. Payward is paying up to $550 million in cash and stock for the company, according to the report provided.
The deal comes as US crypto firms rush to introduce derivatives in the country under CFTC rules. Coinbase has already launched perpetual-style futures in the US, while other trading companies are exploring similar products.
The cryptocurrency futures and options market has become the dominant layer of digital asset trading, eclipsing spot activity in both volume and leverage. In the last 24 hours alone, cryptocurrency futures have generated around $200 billion in trading volume, roughly double the activity in spot markets. A significant portion of this market, particularly options, is concentrated in unregulated offshore locations, limiting direct access to US-based traders.
