Payward, the parent company of crypto exchange Kraken, has agreed to acquire US‑based derivatives venue Bitnomial in a deal valued at about $550 million. The transaction will expand Payward’s reach in regulated futures and options markets as it continues an acquisition‑driven growth strategy.
Payward has already bought platforms like NinjaTrader, Small Exchange, and tokenization firm Backed. These deals help it build a broader trading and infrastructure stack. The Bitnomial deal adds a crypto‑native futures exchange and clearinghouse to that lineup. It also gives the group more direct control over its derivatives offerings.
The corporation generated $2.2 billion in revenue in 2025, a 33% rise driven by higher trading and recent acquisitions, with its platforms processing about $2 trillion in transactions and holding over $48 billion in customer assets by year‑end.
What Bitnomial Brings to Payward
Bitnomial is a Chicago‑based digital asset derivatives firm that operates a CFTC‑regulated exchange, clearinghouse, and brokerage. It is one of only a handful of US clearinghouses allowed to clear physically delivered, margined crypto derivatives.
The company secured approval from the Commodity Futures Trading Commission (CFTC) to register as a derivatives clearing organization in late 2023. That license lets the Bitnomial platform clear margined futures and options where traders can take delivery of the underlying digital assets, not just cash.
In early 2025, Bitnomial launched Bitnomial Clearinghouse, becoming the fourth US‑regulated derivatives clearinghouse to support physically delivered and margined contracts.
Its first cleared trade involved Jump Trading and Luxor Technology, with Marex Capital Markets acting as the clearing firm.
Why Payward Wants a CFTC‑Regulated Venue
By buying Bitnomial, Payward gains a fully regulated US derivatives stack that covers exchange, clearing, and brokerage functions. That structure can help Kraken serve institutions that require CFTC‑regulated venues for crypto futures and options exposure.
Payward has signaled that it sees derivatives as a key driver of future revenue, especially as more sophisticated traders enter the market. Owning a CFTC‑regulated clearinghouse could let the group design new physically delivered products and manage risk across multiple brands.
The acquisition also fits recent interest from traditional market players in Payward’s business. Deutsche Börse recently bought a 1.5% stake in Payward for about $200 million, highlighting growing institutional attention to its exchange infrastructure.
If regulators approve the deal, Payward is expected to link Bitnomial’s infrastructure to its existing platforms. This could give Kraken users more US‑regulated futures and options backed by a dedicated clearinghouse.
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