Kraken gains full U.S. derivatives access
Payward, best known as the parent company of crypto exchange Kraken, has finalized its acquisition of Bitnomial in a deal valued at up to $550 million in cash and stock. This transaction hands Payward a comprehensive set of U.S. derivatives licenses, all regulated by the Commodity Futures Trading Commission (CFTC). As a result, Kraken is now positioned to offer crypto derivatives—financial products that let traders bet on the future price of cryptocurrencies—to U.S. customers with regulatory approval.
The move comes at a time when crypto futures markets are booming: in the past 24 hours alone, trading volumes for these products reached approximately $200 billion, roughly twice the activity seen in spot markets where cryptocurrencies are bought and sold directly.
$550 million deal unlocks crypto futures
The acquisition gives Payward control over Bitnomial’s trio of CFTC-regulated entities: its futures broker, exchange, and clearinghouse. These three licenses form what insiders call a “full stack,” allowing Kraken to list, clear, and broker derivatives contracts without relying on outside partners for any step in the process. This is a significant shift for Kraken, which previously lacked direct access to CFTC-regulated derivatives infrastructure within the United States.
On paper, this puts Kraken in league with legacy players that have spent decades building similar capabilities—but until now, few crypto-native companies have managed to secure all three licenses under one roof.
Bitnomial itself was founded back in 2014 and has spent more than ten years working to obtain these hard-to-get regulatory approvals. The company’s persistence paid off as Payward’s acquisition now leverages Bitnomial’s groundwork to accelerate its own expansion into the U.S. derivatives market. The deal also follows Payward’s $1.5 billion purchase of NinjaTrader in 2025, signaling an ongoing strategy focused on regulated trading infrastructure.
Payward’s equity now valued at $20 billion
The Bitnomial acquisition comes with another notable milestone: Payward’s equity is now valued at $20 billion following the transaction. This valuation reflects not only the scale of the deal but also investor confidence in Kraken’s ability to compete in regulated markets traditionally dominated by established financial institutions.
According to coindesk.com, Bitnomial’s decade-long effort to build out its CFTC licenses was a key factor in attracting Payward as a buyer willing to pay up to $550 million. While some rivals have struggled to navigate regulatory hurdles or have opted for partnerships instead of outright ownership, Kraken now controls every aspect of its U.S. derivatives operation directly.
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Futures, broker, clearinghouse: all under Payward
With this acquisition complete, Kraken joins a select group of firms able to offer fully regulated crypto futures products within the United States using their own infrastructure. In practice, this means that U.S.-based traders will be able to access futures contracts—agreements that obligate parties to buy or sell an asset at a predetermined price on a set date—without leaving the Kraken ecosystem or relying on third-party intermediaries.
It’s unclear how quickly Kraken will roll out new products under these licenses or how aggressively it will compete with other CFTC-regulated exchanges already serving institutional clients. However, given that crypto futures volumes are currently double those of spot markets by dollar value, the potential addressable market is substantial.
The contrast is stark: while many exchanges tout global reach or innovative features, few can match Kraken’s newly acquired regulatory depth within the United States.
Factors that could still shift
If the Commodity Futures Trading Commission (CFTC) were to review or alter any of Bitnomial's futures broker, exchange, or clearinghouse licenses now controlled by Payward following the $550 million acquisition, Payward's ability to offer crypto derivatives in the U.S. could be immediately affected; however, no such review has been announced or scheduled as of now.
