Payward’s Bitnomial deal adds US derivatives infrastructure

Payward announced on 17 April that it had signed a definitive agreement to acquire Bitnomial for up to $550 million in cash and stock. The terms valued Payward’s equity at $20 billion. Payward described Bitnomial as a crypto-native US derivatives business with the regulatory infrastructure to combine a broker, an exchange and a clearinghouse. The proposed acquisition covered all outstanding Bitnomial equity and was initially subject to closing conditions. Those figures describe the announced transaction, not a current trading valuation. Kraken Bitnomial agreement.

On 1 May, Payward confirmed that the acquisition had closed. Its completion announcement identifies the three parts of the stack: a Futures Commission Merchant, a Designated Contract Market and a Derivatives Clearing Organization. The buyer said Bitnomial would retain its existing licences, regulatory structure and third-party clearing operations inside the group, while Payward planned to expand the team and operations. Payward Bitnomial closing.

Payward’s closing release described spot margin on Kraken as the initial product, with perpetuals and options to follow for eligible US clients across Kraken and NinjaTrader. Owning the infrastructure creates a route to those offerings; it does not establish universal access to every product on the closing date. The relevant distinction is between the completed corporate transaction and the subsequent rollout of regulated services. Payward also presented its business-to-business platform as a distribution route for partners, placing the acquisition within a broader infrastructure strategy. Payward Bitnomial closing.