Combination of Bitnomial's decade-built US regulatory infrastructure and Payward's global distribution, scale, and multi-brand operating model to create one of the most comprehensively regulated and vertically integrated U.S. derivatives platforms
Payward, a unified financial infrastructure platform advancing an open, global financial system, today announced it has entered into a definitive agreement to acquire Bitnomial, the first fully CFTC-licensed derivatives company in the United States built for digital assets, for up to $550 million payable in cash and stock, in a transaction that values Payward's equity at $20 billion.
Bitnomial is the first crypto-native exchange in the United States to hold all three CFTC-issued licenses required to operate a full-stack domestic crypto trading and derivatives business. The combination brings together Bitnomial's fully CFTC-licensed infrastructure with Payward's global client base, deep liquidity, and distribution across Kraken, NinjaTrader, and its broader product family.
This acquisition gives Payward access to a regulated foundation that takes years to build. Bitnomial spent over a decade securing the full set of US derivatives licenses exchange, clearinghouse, and brokerage becoming the first company in the United States to have assembled this stack with digital assets in mind.
"The shape of a market is determined by its clearing infrastructure, not its front end. Settlement mechanics, margin models, and contract structures define what products can exist and who can access them. The US has had no clearing infrastructure built for digital assets. Bitnomial spent a decade building it: crypto settlement, crypto collateral, continuous 24/7 markets. These are capabilities that cannot be retrofitted onto legacy systems. They have to be built natively. That is the regulated foundation we are adding to Payward, starting with spot margin, perpetuals, and options for US clients under CFTC regulation." said Arjun Sethi, Co-CEO of Payward and Kraken.
"Bitnomial was built on a simple conviction: that the future of derivatives is digital-asset-native, and that the US should lead it, not follow it. That's why we built our exchange and clearinghouse from the ground up for crypto and it's why Bitnomial has been first on nearly every meaningful capability: the first-ever US perpetual futures, the first CFTC-regulated crypto margin collateral, native crypto settlement, and a unified book across spot, futures, options, and perpetuals. These are things adapted legacy infrastructure simply can't retrofit. That same foundation is what makes the next generation of derivatives possible: crypto-settled products, tokenized assets, and eventually the kind of continuous, capital-efficient contracts that have transformed global markets. Joining Payward means we can now build that future at the scale it deserves," said Luke Hoersten, Founder and CEO of Bitnomial.
Through Payward Services, the Company's B2B infrastructure platform, the acquisition also opens a new channel for partners, including fintechs, banks, brokerages, and payment providers, to offer regulated US derivatives products to their own end users through a single integration. Payward Services gives partners access to a broad range of financial infrastructure capabilities through a single set of APIs, including crypto trading, tokenized equities, staking, on/off-ramps, and now regulated US derivatives.
With the acquisition of Bitnomial, Payward now offers a regulated derivatives offering across all of its major markets. The acquisition builds on Payward's multi-year track record of establishing regulated derivatives presence globally. Payward acquired the first licensed crypto futures platform in the UK in 2019 and launched a regulated EU derivatives offering in 2025.
Payward continues to lead policy engagement to establish regulatory clarity and drive innovation around the world for all of our products and services. Passage of comprehensive market structure legislation in the US remains one of its top policy priorities.
??Payward plans to scale Bitnomial's team and operations as it builds out its US derivatives capabilities, drawing on the expertise Bitnomial has developed over more than a decade of building and operating regulated crypto markets infrastructure.
Transaction Details
Under the terms of the agreement, which values Payward's equity at $20 billion, Payward will acquire 100% of the outstanding equity of Bitnomial for up to $550 million payable in cash and stock. The transaction is subject to customary closing conditions and is expected to close in the first half of 2026. Required CFTC notices will be filed in connection with the closing.
Advisors
PJT Partners served as exclusive financial advisor, Haynes Boone served as legal advisor, and Katten Muchin Rosenman LLP served as regulatory advisor to Bitnomial. Jones Day served as legal advisor, and Morrison Foerster LLP served as regulatory advisor to Payward.
About Payward
Payward, Inc. is a unified financial infrastructure platform that powers a family of products advancing an open, global financial system. Built on a single shared architecture, Payward enables customers to hold, trade, earn, pay, and invest across asset classes without friction or fragmentation.
At its core, Payward provides the infrastructure layer behind Kraken and a growing set of purpose-built products, including NinjaTrader, Breakout, xStocks, and CF Benchmarks.
Payward separates infrastructure from product expression. Each product surface is designed for a specific customer segment, regulatory regime, and use case, while operating on the same global foundation:
- One global liquidity pool
- One unified risk and margin engine
- One collateral and settlement system
- One compliance and licensing framework
This shared architecture allows Payward to scale efficiently, launch new products at low marginal cost, and serve diverse global markets while maintaining consistent risk management, regulatory integrity, and operational resilience.
For more information about Payward, please visit www.payward.com
About Bitnomial, Inc.
Bitnomial is the first company in the United States to hold a complete set of CFTC-issued digital asset derivatives licenses: a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Futures Commission Merchant (FCM). Bitnomial's infrastructure was purpose-built for digital assets, supporting crypto-margined contracts, crypto-settled derivatives, and continuous 24/7 market operations. For more information, visit www.bitnomial.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding anticipated transaction benefits, expected product launches, planned regulatory approvals, closing timing, and future business strategies. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. All product launches referenced herein are subject to applicable regulatory approvals and conditions. Neither Payward nor Bitnomial undertakes any obligation to update or revise any forward-looking statement. This press release does not constitute an offer to sell or a solicitation of an offer to purchase any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260417686493/en/
Contacts:
Press Contact
Lauren Post
press@kraken.com
