Kraken Parent Payward Acquires Bitnomial for $550 Million Deal

Payward, the parent company of cryptocurrency exchange Kraken, has made a significant move in the crypto market by agreeing to acquire Bitnomial, a Chicago-based derivatives firm. The deal, valued at up to $550 million, is a mix of cash and stock.

The acquisition is expected to close in the first half of 2026, subject to regulatory approvals. This will give Kraken a complete CFTC-regulated derivatives stack, which Bitnomial has built over more than a decade.

Bitnomial operates three core entities under CFTC oversight: a designated contract market (DCM), a derivatives clearing organization (DCO), and a futures commission merchant (FCM) brokerage. These entities form one of the only fully crypto-native, regulated derivatives stacks in the US.

The acquisition is part of Payward's aggressive infrastructure buildout, which includes previous acquisitions such as NinjaTrader and Small Exchange to expand its derivatives capabilities.