Kraken’s parent company, Payward, has agreed to acquire derivatives exchange Bitnomial for up to $550 million. The deal, structured with cash and stock, aims to accelerate Payward‘s expansion into the U.S. market by leveraging Bitnomial’s regulatory licenses. This acquisition reflects a broader industry trend where crypto firms are pursuing growth through compliance-focused mergers and acquisitions.
The parent company of the Kraken crypto exchange, Payward, will acquire Bitnomial in a transaction valued at up to $550 million. This strategic move includes a mix of cash and stock, placing Payward‘s own valuation near $20 billion.
Bitnomial holds three key U.S. licenses for operating a full-stack derivatives business. These licenses provide a ready-made regulatory framework, speeding Payward‘s entry into the American derivatives markets.
The acquisition highlights a broader recovery in crypto mergers and acquisitions. Firms are now targeting strategic growth through infrastructure and compliance-focused deals rather than aggressive expansion.
Payward has pursued a clear strategy of building a multi-asset platform. It previously acquired NinjaTrader for $1.5 billion in 2025, followed by other firms like BCM and Small Exchange.
Integrating Bitnomial will link its regulated infrastructure with Kraken‘s global liquidity. This is expected to enable future products like spot margin, perpetual futures, and options for U.S. customers.
The deal would give Payward a complete, regulated derivatives stack in the United States. This completes its global coverage following earlier expansions into the U.K. and European markets.
