Payward, the parent company of Kraken, has agreed to acquire Bitnomial, the first US cryptocurrency derivatives platform to hold all three CFTC licenses simultaneously, for up to $550 million in cash and stock, in a deal that values Payward at $20 billion and is expected to close in the first half of 2026.
summary
- Bitnomial is the first US cryptocurrency company to hold all three CFTC licenses required for a full derivatives business – Designated Futures Market, Derivatives Clearing Organization, and Futures Commission Dealer – giving Payward the infrastructure to operate an exchange, clear trades, and provide brokerage services within a single regulated framework.
- The deal follows Deutsche Börse’s $200 million investment for a 1.5% stake in Payward and builds on Payward’s $1.5 billion acquisition of NinjaTrader in 2025, complementing regulated derivatives coverage across the US, UK and EU.
- Arjun Sethi, Payward’s co-CEO, said the company “adds the layer of infrastructure that makes the next generation of US derivatives possible,” positioning the acquisition as foundational infrastructure rather than a traditional corporate buyout.
The deal covers 100% of Bitnomial shares. The Chicago-based company spent more than a decade obtaining three separate approvals from the Commodity Futures Trading Commission (CFTC) — a designated contracts market, a derivatives clearing organization, and a futures commission dealer registration — a combination that allows a single entity to operate an exchange, clear trades, and provide brokerage services under one CFTC-regulated roof. No other American cryptocurrency company owns all three simultaneously.
Payward will integrate Bitnomial’s infrastructure across Kraken, NinjaTrader, and Payward Services, its proprietary trading platform. Banks, fintechs and brokerages will be able to access US regulated cryptocurrency derivatives through a single API covering futures, options and leveraged products within a framework regulated by the Commodity Futures Trading Commission (CFTC).
Co-CEO Arjun Sethi described the acquisition as formative rather than transactional. “We are not acquiring a company,” he added. “We are adding Infrastructure layer This makes the next generation of US derivatives possible. Building an independently regulated clearinghouse requires years of regulatory engagement and capital commitment. Bitnomial breaks down this timeline for the length of a trade to close.
Payward generated revenue of $2.2 billion in 2025, up 33%, as its platforms processed nearly $2 trillion in transactions and held more than $48 billion in client assets at the end of the year.
How does this fit into Payward’s broader strategy?
The Bitnomial deal completes Payward’s global derivatives buildout. The company acquired the UK cryptocurrency futures platform in 2019, launched EU-regulated derivatives in 2025, and purchased NinjaTrader for $1.5 billion that same year, giving it access to retail futures and its first CFTC registration. Bitnomial adds exchange, clearing and brokerage licenses on top, creating a vertically integrated US derivatives business.
The announcement follows Deutsche Börse’s $200 million investment for a 1.5% stake, a deal that values Payward at $13.3 billion. The $20 billion valuation included in the Bitnomial deal reflects the strategic premium the market is placing on regulated cryptocurrency derivatives infrastructure heading into an environment where the CLARITY Act will formally establish the CFTC’s authority over non-financial digital asset trading.
IPO context
Payward’s IPO Stay active. Co-CEO Sethi confirmed on April 14 that the IPO “is still on the table” despite formal preparations being paused in March due to difficult market conditions. The CFTC-licensed financial derivatives business reinforces both the corporate narrative and revenue diversification story that supports an outstanding IPO valuation ahead of any eventual listing.
