Why Kraken’s $550 Million Bet on Bitnomial Could Change Cryptocurrency Trading in the US

TLDR

• Kraken’s parent company Payward has agreed to buy Bitnomial for up to $550 million in cash and stock
• The deal values ​​Payward at $20 billion
• Bitnomial is the first cryptocurrency company to hold all three CFTC licenses needed to run a full-fledged US financial derivatives business.
• New products including spot margin, perpetual futures and options will be launched for US clients under the supervision of the Commodity Futures Trading Commission (CFTC).
• The deal is expected to close in the first half of 2026

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Kraken Payward’s parent company has agreed to acquire Bitnomial, a US-based cryptocurrency derivatives platform, for up to $550 million in cash and shares. The deal values ​​Payward at $20 billion.

Kraken’s father @Payward acquires @bitnomial – The first fully CFTC-licensed derivatives firm in the US designed for digital assets. Designed for cryptocurrencies from the ground up.

Spot margin, perpetuals, and options come to Kraken under CFTC regulation.https://t.co/IBLotDkqQF

– Kraken (@krakenfx) April 17, 2026

Bitnomial was founded over a decade ago. It is the first cryptocurrency company to obtain all three licenses from the Commodity Futures Trading Commission needed to operate a full-fledged US derivatives business – exchange, clearinghouse, and brokerage.

Obtaining these three licenses would have taken Payward years to build on its own. The deal effectively shortcuts this process.

“We’re not acquiring a company. We’re adding the layer of infrastructure that makes the next generation of US derivatives possible,” said Arjun Sethi, co-CEO of Payward.

CEO Dave Ripley added on X: “This combination expands our infrastructure to include the full range of CFTC licenses, allowing the product to meaningfully expand in the US across both traditional and crypto finance.”

What are the upcoming products?

Kraken On X announced that spot margin, perpetual futures and options will be coming to its platform under CFTC regulation. These products will be available to US customers.

The deal also expands Payward Services, the company’s business arm. Banks, fintechs and brokerages will be able to access US regulated derivatives through a single API.

Bitnomial’s infrastructure will be integrated with Payward’s global distribution and liquidity across its brands, which include Kraken and NinjaTrader.

History of Kraken’s recent mergers and acquisitions

This is not Payward’s first major acquisition. In 2025, it paid $1.5 billion to buy NinjaTrader, an American retail futures platform. This has been described as the largest deal ever between traditional finance and cryptocurrencies.

Before that, Kraken It acquired BCM in 2023 and later bought Small Exchange to build its derivatives capabilities.

Payward also acquired a UK cryptocurrency futures platform in 2019 and launched an EU derivatives offering in 2025.

The Bitnomial deal follows the same pattern – using acquisitions to add regulatory licenses and trading infrastructure rather than building from scratch.

IPO plans are on hold

Kraken was preparing for an initial public offering. Payward filed a draft S-1 with the Securities and Exchange Commission on November 19 of last year.

However, the company has suspended its IPO plans due to difficult market conditions. Sources say that the company is still open to offering its shares for public subscription, but is waiting for conditions to improve.

The Bitnomial deal covers 100% of Bitnomial shares and is expected to close in the first half of 2026, pending regulatory approvals.