Kraken Parent Payward Acquires Bitnomial for Up to $550 Million

Payward, parent company of Kraken, agreed to acquire CFTC-licensed derivatives exchange Bitnomial for up to $550 million in cash and stock, with the deal expected to close in the first half of 2026. Bitnomial is the first crypto-native platform to secure all three licenses required for a full-stack U.S. derivatives business: designated contract market, derivatives clearing organization, and futures commission merchant approvals. The acquisition follows Kraken's $1.5 billion purchase of NinjaTrader in 2025 and comes as Payward pursues an IPO after confidentially filing with the SEC in November 2025. The combined platform will offer spot margin, perpetual futures, and options to U.S. clients under CFTC oversight, integrating Bitnomial's regulatory infrastructure with Kraken's global distribution network.

Payward's acquisition of Bitnomial and strategic rationale

• ▪The Payward acquisition of Bitnomial gives Payward control of a fully licensed U.S. crypto derivatives stack.
• ▪The Payward acquisition of Bitnomial covers 100% of Bitnomial's equity.
• ▪The Payward acquisition of Bitnomial values Payward at $20 billion.
• ▪Payward agreed to acquire Bitnomial for up to $550 million in a cash-and-stock transaction.
• ▪The Payward acquisition of Bitnomial is expected to close in the first half of 2026.

Kraken's M&A strategy and IPO plans

• ▪Kraken launched an EU derivatives offering in 2025.
• ▪Kraken acquired NinjaTrader for $1.5 billion in 2025.
• ▪The Kraken acquisition of NinjaTrader was the largest-ever deal between traditional finance and crypto.
• ▪Kraken acquired a U.K. crypto futures platform in 2019.
• ▪Payward confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission on November 19, 2025.

Expansion of regulated U.S. derivatives capabilities

• ▪Payward Services will allow banks, fintechs and brokerages to access regulated U.S. derivatives through a single API integration.
• ▪Payward Services is Payward's B2B infrastructure arm.

Perspective of Payward/Kraken

• ▪The Bitnomial acquisition positions Payward to offer a comprehensive suite of regulated derivatives products to U.S. customers.

Perspective of Bitnomial

• ▪The Payward acquisition provides Bitnomial access to Kraken's global user base and liquidity pools.

Perspective of U.S. crypto derivatives market participants

• ▪The $550 million Bitnomial valuation signals that CFTC-licensed derivatives infrastructure commands significant premiums in crypto M&A.

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