Payward completes Bitnomial deal to expand U.S. crypto derivatives business
Payward has closed its acquisition of Bitnomial, advancing Kraken's push into regulated crypto derivatives for U.S. clients. The transaction gives the company a full set of Commodity Futures Trading Commission licenses needed to offer spot margin first, with perpetuals and options planned next.
Highlights
- Payward's completed acquisition of Bitnomial provides Kraken with Futures Commission Merchant, Designated Contract Market, and Derivatives Clearing Organization licenses for U.S. crypto derivatives.
- Payward will roll out CFTC-regulated spot margin, perpetuals, and options for eligible U.S. clients on Kraken and NinjaTrader, starting with spot margin.
- Initial April disclosure valued the Bitnomial deal at up to $550 million in cash and stock, implying a $20 billion Payward valuation.
Licenses clear path for product rollout
As reported by Payward in a Friday company statement, the completed acquisition gives the Kraken parent a full suite of U.S. derivatives licenses, including Futures Commission Merchant, Designated Contract Market and Derivatives Clearing Organization approvals.The company says this regulatory stack allows it to bring CFTC-regulated spot margin, perpetuals and options to eligible U.S. clients across Kraken and NinjaTrader. Arjun Sethi, co-CEO of Payward and Kraken, says the rollout starts with spot margin services on Kraken, with perpetuals and options set to follow.
Chicago platform strengthens domestic expansion
Bitnomial, based in Chicago, is a crypto-native exchange with three CFTC-issued licenses to operate a full-stack domestic digital asset derivatives business. The platform has been among the first in the country to list new assets, including Aptos futures.Payward plans to expand Bitnomial's team as it builds out its U.S. derivatives operation. Bitnomial will operate within Payward while keeping its existing licenses, regulatory framework and third-party businesses.
The company does not disclose final deal terms. When Payward first announced the acquisition in April, it said the transaction could be worth up to $550 million in cash and stock, implying a $20 billion equity valuation for Payward.
In our earlier report on the CFTC’s proposed rule for prediction-market event contracts, we explained how the agency was gathering extensive public feedback as a federal-state jurisdiction fight intensified. We also outlined how platform operators and some crypto firms argued for exclusive CFTC oversight, while state gambling regulators and consumer groups pushed back and called for tighter limits on sports, election, and geopolitical contracts.
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