Payward spends $550 million to buy the only vertically integrated crypto derivatives stack in the U.S.

U.S. clients of Kraken and NinjaTrader will gain access to CFTC-regulated spot margin, perpetual futures, and options. This access follows a definitive agreement by Payward, the parent company of Kraken, to acquire Bitnomial for up to $550 million in cash and stock. Bitnomial is the first crypto-native platform in the U.S. to hold the three licenses required to operate a vertically integrated derivatives business: a designated contract market, a derivatives clearing organization, and a futures commission merchant. These licenses provide the exchange, clearinghouse, and brokerage framework necessary to run a full-stack business. Payward Co-CEO Arjun Sethi stated that the U.S. lacks clearing infrastructure built for digital assets and that Bitnomial's capabilities cannot be "retrofitted onto legacy systems." By acquiring these licenses, Payward bypasses the years of regulatory engagement and operational planning required to build the stack independently. The deal also expands Payward Services, the company's B2B infrastructure arm, allowing banks, fintechs, and brokerages to integrate regulated U.S. derivatives through a single API integration. The transaction values Payward's equity at $20 billion.