Payward Buys Bitnomial for $550M, Gains Full US-Regulated Bitcoin Derivatives Stack

Kraken parent Payward is acquiring CFTC-licensed Bitnomial for up to $550 million in cash and stock, securing exchange, clearinghouse, and brokerage licenses to launch regulated US spot-margin, perpetuals, and options in Bitcoin. Coverage progressed from initial deal announcement and $20 billion Payward valuation to details on Deutsche Börse's $200 million investment for 1.5% stake, $1.5 billion prior NinjaTrader buy, and IPO plans at $13 billion. The moves enhance institutional liquidity, infrastructure, and demand for Bitcoin amid US crypto regulatory tailwinds.