Payward said it plans to expand Bitnomial's team as it builds out the domestic derivatives operation.
Crypto News
Payward, the parent company of crypto exchange Kraken, has completed its acquisition of Chicago-based Bitnomial, securing a full suite of US derivatives licenses from the Commodity Futures Trading Commission (CFTC). The licenses cover a Futures Commission Merchant designation, a Designated Contract Market, and a Derivatives Clearing Organization.
Payward said the combined licenses will allow it to offer CFTC-regulated spot margin, perpetuals, and options to eligible US clients on both Kraken and NinjaTrader. Co-CEO Arjun Sethi said the rollout will begin with spot margin on Kraken, with perpetuals and options to follow. "That stack is what makes the next set of products possible," Sethi said.
Bitnomial will continue to operate within Payward while retaining its existing licenses, regulatory framework, and third-party business relationships. Payward said it plans to expand Bitnomial's team as it builds out the domestic derivatives operation. The acquisition also creates a new distribution channel for Payward's partners, including banks, brokerages, and payment providers, to offer US derivatives products to their own clients.
Bitnomial had previously been among the first platforms in the US to list new asset types, including Aptos futures. The Chicago-based exchange held all three CFTC licenses needed to run a full-stack domestic digital asset derivatives business prior to the acquisition.
Payward did not disclose the final terms of the completed deal. When the acquisition was first announced in April, Payward said it planned to pay up to $550 million in cash and stock, in a transaction that valued Payward's equity at $20 billion.
Outside the US, Payward already operates regulated derivatives businesses in the UK, following a 2019 acquisition of a crypto futures platform, and launched EU derivatives offerings last year. The Bitnomial deal follows a $200 million investment from Deutsche Borse Group, which runs the Frankfurt Stock Exchange and provides clearing infrastructure across Europe, disclosed earlier this month. Payward has also confidentially submitted a draft S-1 registration statement to the SEC, signaling preparations for a potential public listing.
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