Payward buys Bitnomial to control the US crypto derivatives clearing rail

Kraken users may soon access US-regulated futures and options backed by a dedicated clearinghouse. Payward, the parent company of Kraken, has agreed to acquire Chicago-based Bitnomial for up to $550 million in cash and stock.

Bitnomial operates a designated contract market, a derivatives clearing organization, and a futures commission merchant brokerage, all under Commodity Futures Trading Commission oversight. It is one of the few US clearinghouses permitted to clear physically delivered, margined crypto derivatives. Bitnomial's products include CFTC-regulated perpetual futures, physically settled Bitcoin options, and leveraged retail spot crypto trading.

Payward gains a fully regulated US derivatives stack covering exchange, clearing, and brokerage functions. The acquisition follows Payward's purchases of NinjaTrader, Small Exchange, and Backed, as well as a $200 million investment from Deutsche Börse Group that valued Payward at roughly $13.3 billion. Payward generated $2.2 billion in revenue in 2025, with its platforms processing $2 trillion in transactions and holding $48 billion in customer assets by year-end.