Payward Acquires Bitnomial
Payward, the parent company of crypto exchange Kraken, has officially completed its acquisition of Bitnomial.
The deal gives Payward a full suite of U.S. derivatives licenses from the Commodity Futures Trading Commission (CFTC), including Futures Commission Merchant (FCM), Designated Contract Market (DCM), and Derivatives Clearing Organization (DCO).
New US Derivatives Offering
This acquisition allows Payward to launch CFTC-regulated crypto derivatives for eligible U.S. clients.
The company will start with spot margin trading on Kraken, followed by perpetuals and options. Arjun Sethi, co-CEO of Payward and Kraken, called this “the foundation” for the next wave of products.
Bitnomial’s Role and Future Plans
Bitnomial is a Chicago-based crypto-native derivatives exchange known for being among the first to list new assets like Aptos futures.
It will continue operating under Payward while keeping its existing licenses and regulatory framework. Payward plans to expand Bitnomial’s team to strengthen its U.S. derivatives business.
Strategic Impact and Valuation
The acquisition, valued at up to $550 million in cash and stock, values Payward’s equity at $20 billion.
This move strengthens Payward’s position in the U.S. market and opens new channels for banks, brokerages, and partners to offer regulated crypto derivatives. It also supports Payward’s preparations for a potential public listing.
