Payward to buy CFTC-licensed Bitnomial for $550M

Payward, the parent company of crypto exchange Kraken, announced on April 17, 2026 that it will acquire Bitnomial for $550 million in a mix of cash and stock. The deal values Bitnomial at more than $20 billion.

Bitnomial holds the three Commodity Futures Trading Commission licenses required to operate an exchange, a clearinghouse and a brokerage for digital-asset derivatives. The CFTC approved those licenses in 2020. Bitnomial was built for crypto markets and includes round-the-clock settlement and collateral management designed for digital assets.

Kraken plans to integrate Bitnomial’s trading and clearing infrastructure into its exchange and distribution channels, including the Kraken trading interface and NinjaTrader. Payward said the acquisition will enable regulated spot margin trading, perpetual futures and options for U.S. customers and broaden liquidity and client access.

Payward Services will offer a business-to-business channel that provides API access to derivatives, tokenized equities, staking and fiat on-ramps for fintechs, banks, brokerages and payment providers. The company said the integration will let firms offer regulated derivative products without building their own clearing and settlement systems.

The acquisition comes as Kraken prepares for an initial public offering. Payward also recently received a $200 million investment from Deutsche Börse, provided through Payward.

Arjun Sethi, co-CEO of Payward and Kraken, framed the significance this way: “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 had been seeking a strategic partner to expand its reach. Payward said Bitnomial’s native design for 24/7 crypto markets cannot be retrofitted from legacy systems. The companies said the combined business will allow Kraken to compete in the perpetual futures market and to provide regulated access for institutional counterparties and U.S. customers.