Payward Closes $550M Bitnomial Deal, Secures CFTC Trifecta for US Crypto Derivatives Push

Kraken parent Payward, valued at $20 billion, finalized its up to $550 million cash-and-stock acquisition of Bitnomial on May 2, securing a rare CFTC trifecta (FCM, DCM, DCO) for a fully regulated US derivatives stack. Building on its 2025 $1.5 billion NinjaTrader purchase, mid-April announcement, and March 2026 SEC/CFTC jurisdictional guidance, Payward will launch spot-margin products first on Kraken and NinjaTrader, followed by perpetuals and options for fintechs, banks, and brokerages. The move aims to onshore ~$200 billion daily crypto futures volume from offshore venues, boosting competition with CME and Coinbase while tying into Payward's IPO plans and recent $200 million Deutsche Börse investment.