Kraken owner Bitnomial to buy up to $500M

Payward, the parent company of crypto exchange Kraken, is spending up to $550 million to acquire Bitnomial, a Chicago-based digital asset derivatives exchange, the firm said Friday.

The major exchange operator has stepped up its expansion push since clearing the SEC's lawsuit last March, and the Bitnomial acquisition adds to a trio of major derivatives deals, following the acquisitions of NinjaTrader and Small Exchange.

Commenting on the acquisition, Payward CEO Arjun Sethi said Bitnomial brings a decade-old fully-fledged clearing and settlement infrastructure designed for digital assets that will enable Payward to accelerate the rollout of US crypto derivatives products.

“The shape of the market depends on the infrastructure, not the front end. Settlement mechanics, margin models and contract structures define what products are available and who can access them. The United States does not have a clearing infrastructure built for digital assets,” Sethi said.

The deal is a cash and stock transaction covering all of Bitnomial's equity. The Commodity Futures Trading Commission grants Payward three separate regulatory approvals. Bitnomial operates as a designated contract market, derivatives clearing house and futures commission trader.

The acquisition combines Bitnomial's regulated derivatives infrastructure with Payward's global customer base, liquidity and distribution across its trading and infrastructure platforms.

“Bitnomial was built on a simple belief: that derivatives are digital-asset-native, and that the US should lead, not follow. That's why we built exchanges and clearinghouses from the ground up for crypto – and Bitnomial in the first place – on all meaningful capabilities,” explained Bitnomial founder Luke Horston.

The transaction represents an estimated consideration of $20 billion and is expected to close in the first half of 2026, subject to regulatory approvals.

The deal comes days after Payward secured a $200 million strategic investment from Deutsche Börse Group, a growing partnership focused on regulated crypto, tokenized markets and institutional trading infrastructure.