CHEYENNE, Wyoming — May 1, 2026
Executive Summary
Payward has completed its acquisition of Bitnomial, establishing what the company describes as the first fully CFTC-licensed crypto-native derivatives stack in the United States. The transaction enables the integration of a Futures Commission Merchant (FCM), Designated Contract Market (DCM), and Derivatives Clearing Organization (DCO) under Payward’s infrastructure. The combined platform supports the rollout of CFTC-regulated derivatives products, beginning with spot margin trading on Kraken, with additional offerings such as perpetual contracts and options expected to follow. The acquisition also expands Payward’s ability to deliver regulated derivatives access across its platforms, including Kraken, NinjaTrader, and Payward Services, while maintaining Bitnomial’s existing regulatory structure and operations.
Announcement Overview
Payward has formally announced the completion of its previously disclosed acquisition of Bitnomial, a U.S.-based derivatives company that holds a full set of licenses from the Commodity Futures Trading Commission. The transaction marks a continuation of Payward’s multi-year effort to establish a regulated derivatives infrastructure spanning major global markets, including prior developments in the United Kingdom and the European Union.
The integration of Bitnomial provides Payward with a fully operational and licensed derivatives stack specifically designed for digital asset markets. This infrastructure is positioned to support the delivery of regulated financial products to eligible U.S. clients through Payward’s ecosystem of platforms, including Kraken and NinjaTrader. The acquisition also introduces expanded opportunities for institutional and B2B participants through Payward Services, enabling partners to integrate regulated derivatives offerings alongside other financial products.
Key Announcement Details
Transaction Completion and Positioning
- Announcement Type: Acquisition completion of Bitnomial by Payward
- Core Announcement Positioning: Establishment of the first fully CFTC-licensed crypto-native derivatives stack in the United States
- Acquiring Company: Payward, a unified financial infrastructure platform advancing an open, global financial system
- Acquired Company: Bitnomial, a derivatives company built specifically for digital assets
- Announcement Date: May 1, 2026
- Original Announcement Reference: Transaction initially announced on April 17, 2026
- Strategic Outcome: Completion of a multi-year build-out of regulated derivatives infrastructure across Payward’s major markets
CFTC-Licensed Derivatives Stack Components
- Regulatory Authority: Commodity Futures Trading Commission (CFTC)
- Stack Ownership: Payward now owns the complete U.S. derivatives stack
- Core Components of Stack:
- Futures Commission Merchant (FCM)
- Designated Contract Market (DCM)
- Derivatives Clearing Organization (DCO)
- Functional Integration: Broker, exchange, and clearinghouse combined within a unified structure
- Design Basis: Built for digital asset markets rather than adapted from traditional finance systems
- Development Duration: Infrastructure developed over more than a decade
- Operational Capability: Enables end-to-end lifecycle of derivatives trading within a regulated framework
Product Enablement and Rollout
- Initial Product Launch: Spot margin trading on Kraken
- Subsequent Product Expansion:
- Perpetual derivatives contracts
- Options products
- Regulatory Coverage: All products to be delivered under CFTC regulation
- Launch Sequence: Spot margin first, followed by additional derivatives products
- Product Eligibility: Access limited to eligible U.S. clients subject to defined criteria
- Availability Condition: Spot margin trading availability subject to limitations and eligibility requirements
Platform Integration Across Payward Ecosystem
- Consumer Platform: Kraken for crypto trading and derivatives access
- Trading Platform: NinjaTrader supporting derivatives infrastructure and execution
- B2B Infrastructure Platform: Payward Services for institutional and partner integrations
- Integration Scope: Unified derivatives capability across Kraken, NinjaTrader, and Payward Services
- Distribution Model: Multi-platform availability within Payward’s ecosystem
Bitnomial Post-Acquisition Structure
- Operational Continuity: Bitnomial will continue to operate within the Payward group
- Licensing Continuity: All existing licenses retained and operational
- Regulatory Framework: Existing regulatory structure remains intact
- Third-Party Business Continuity: Existing third-party businesses continue without change
- Expansion Plan: Payward to scale Bitnomial’s team and operations
- Operational Objective: Build out and expand U.S. derivatives capabilities
B2B Infrastructure Expansion via Payward Services
- Platform Role: Payward Services as the company’s B2B financial infrastructure platform
- New Capability Introduced: Regulated U.S. derivatives offerings accessible to partners
- Integration Model: Single integration enabling access to multiple financial services
- Target Partner Segments:
- Fintech companies
- Banks
- Brokerages
- Payment providers
- End-Client Delivery: Partners can offer derivatives products to their own end clients
- Expanded Service Stack Available to Partners:
- Crypto trading
- Tokenized equities
- Staking services
- On-ramp and off-ramp infrastructure
- Regulated derivatives products
Global Regulatory Expansion Context
- United Kingdom Milestone: Acquisition of the first licensed crypto futures platform in 2019
- European Union Milestone: Launch of a regulated derivatives offering in 2025
- United States Milestone: Completion of fully licensed derivatives stack through Bitnomial acquisition
- Strategic Sequence: Progressive build-out of regulated derivatives infrastructure across key global markets
Leadership Statement Context
- Executive Source: Arjun Sethi, Co-CEO of Payward and Kraken
- Infrastructure Description: A broker, exchange, and clearinghouse purpose-built for digital assets
- Product Enablement Statement: Infrastructure enables next generation of derivatives products
- Product Rollout Confirmation: Spot margin to be launched first, followed by perpetuals and options
- Regulatory Scope Statement: All products under CFTC regulation within the United States
- Strategic Impact Statement: Infrastructure provides the foundation for future product expansion
Risk Disclosure and Trading Conditions
- Risk Classification: Commodity trading involves substantial risk
- Loss Exposure: Losses may exceed initial investment
- Collateral Requirements: Additional collateral may be required under certain conditions
- Leverage Impact:
- Potential to increase returns
- Significant increase in risk exposure
- Leverage Availability: May vary depending on the asset
- Performance Disclaimer: Past performance is not indicative of future results
- Eligibility Limitation: Spot margin trading availability subject to limitations and eligibility criteria
Operational and Regulatory Entities Involved
- Trading Provider Entity: NinjaTrader Clearing, LLC
- Operating Name: Kraken Derivatives US
- Regulatory Status: CFTC-registered Futures Commission Merchant
- Industry Membership: Member of the National Futures Association (NFA ID: 0309379)
- Financing Provider: Payward Accredited LLC
- Financing Function: Provides financing for margin trading activities
Advisory Firms and Transaction Support
Advisors to Bitnomial
- Financial Advisor: PJT Partners (exclusive financial advisor)
- Legal Advisor: Haynes Boone
- Regulatory Advisor: Katten Muchin Rosenman LLP
Advisors to Payward
- Legal Advisor: Jones Day
- Regulatory Advisor: Morrison Foerster LLP
Company Structure and Platform Coverage
- Core Platform Ecosystem:
- Kraken
- NinjaTrader
- Payward Services
- Service Categories Provided:
- Crypto trading
- Derivatives trading
- Tokenized equities
- Staking
- Custody
- B2B financial infrastructure
- Global Reach: Services offered in more than 190 countries and territories
- Founding Reference: Kraken founded in 2011
Official Corporate Information
- Primary Website: www.payward.com
- Product Platform Website: www.kraken.com
Completion of Acquisition and Infrastructure Integration
The completion of the acquisition represents a structural expansion of Payward’s financial infrastructure capabilities within the United States. By incorporating Bitnomial’s regulatory licenses and operational framework, Payward now controls a comprehensive derivatives stack that includes brokerage, exchange, and clearinghouse functions within a unified system.
This infrastructure has been developed over more than a decade with digital asset markets as its foundational design principle. The integration of these capabilities enables Payward to introduce regulated derivatives products that are aligned with U.S. regulatory requirements, while maintaining operational continuity through Bitnomial’s existing systems and licenses.
The combined entity is structured to support the delivery of derivatives products across multiple platforms within the Payward ecosystem. This includes consumer-facing platforms such as Kraken, as well as professional trading environments and institutional infrastructure through NinjaTrader and Payward Services.
CFTC-Regulated Derivatives Stack and Its Components
The acquisition provides Payward with ownership of a fully licensed derivatives stack, comprising three key regulatory components:
Futures Commission Merchant (FCM)
The FCM component enables the facilitation of customer transactions in futures and derivatives markets. It includes responsibilities related to trade execution, margin collection, and customer account management under regulatory oversight.
Designated Contract Market (DCM)
The DCM functions as a regulated exchange where futures and derivatives contracts are listed and traded. It provides the marketplace infrastructure necessary for price discovery and trading activity.
Derivatives Clearing Organization (DCO)
The DCO is responsible for clearing and settlement of derivatives transactions, managing counterparty risk and ensuring the integrity of financial obligations between market participants.
Together, these components form a vertically integrated derivatives infrastructure that allows Payward to operate across the full lifecycle of derivatives trading within a regulated framework.
Product Rollout Strategy and Platform Integration
Payward has indicated that the initial phase of product deployment under the new structure will begin with spot margin trading on Kraken, one of its primary trading platforms. This marks the first step in introducing regulated derivatives capabilities to eligible U.S. users within the Payward ecosystem.
Subsequent phases are expected to include the rollout of additional derivatives products, specifically perpetual contracts and options, all delivered under CFTC regulatory oversight. These products will be made available across Payward’s platforms, including Kraken and NinjaTrader, as part of a coordinated expansion strategy.
The integration of Bitnomial’s infrastructure enables these products to be offered within a unified regulatory and operational framework, ensuring consistency across different platforms and user segments.
Multi-Year Development of Regulated Derivatives Capabilities
The acquisition of Bitnomial represents the culmination of a broader, multi-year initiative by Payward to establish regulated derivatives infrastructure across key global markets.
This initiative includes:
- The acquisition of a licensed crypto futures platform in the United Kingdom in 2019
- The launch of a regulated derivatives offering in the European Union in 2025
These developments form part of a sequential expansion strategy aimed at building a comprehensive derivatives ecosystem that operates within established regulatory frameworks across multiple jurisdictions.
The addition of Bitnomial’s U.S.-based infrastructure completes this progression by providing a regulated derivatives foundation within one of the largest financial markets globally.
Leadership Statements on the Acquisition
Arjun Sethi, Co-CEO of Payward and Kraken, stated:
“Closing this deal brings a regulated US derivatives stack to Payward, its client and partners. A broker, exchange, clearinghouse purpose-built for digital assets, not adapted to them. That stack is what makes the next set of products possible. We’re starting with spot margin on Kraken, with perpetuals and options to follow. All under CFTC regulation, all in the US.”
This statement highlights the role of the integrated infrastructure in enabling the development and deployment of new financial products within a regulated environment.
Continuation of Bitnomial Operations and Organizational Structure
Following the completion of the acquisition, Bitnomial will continue to operate as part of the Payward group. Its existing licenses, regulatory structure, and third-party business relationships will remain in place.
Payward has indicated plans to expand Bitnomial’s team and operational capacity as part of its strategy to scale derivatives capabilities within the United States. This includes maintaining continuity in regulatory compliance while increasing operational scope.
The retention of Bitnomial’s existing structure allows for continuity in regulatory engagement and operational processes, while enabling integration with Payward’s broader platform ecosystem.
Expansion of Payward Services and B2B Infrastructure Capabilities
The acquisition introduces new capabilities within Payward Services, the company’s B2B infrastructure platform. Through this platform, Payward provides financial infrastructure solutions to a range of institutional partners.
The integration of Bitnomial’s derivatives capabilities enables Payward Services to offer regulated U.S. derivatives products to partners, including:
- Fintech companies
- Banks
- Brokerages
- Payment providers
These partners can access derivatives functionality through a single integration, alongside existing services such as:
- Crypto trading
- Tokenized equities
- Staking
- On-ramps and off-ramps
This expansion positions Payward Services as a comprehensive infrastructure platform for financial institutions seeking to offer digital asset and derivatives products within a regulated framework.
Advisors Involved in the Transaction
The acquisition involved multiple advisory firms supporting both Bitnomial and Payward:
Advisors to Bitnomial
- PJT Partners — Exclusive financial advisor
- Haynes Boone — Legal advisor
- Katten Muchin Rosenman LLP — Regulatory advisor
Advisors to Payward
- Jones Day — Legal advisor
- Morrison Foerster LLP — Regulatory advisor
These advisors supported the transaction across financial, legal, and regulatory dimensions.
Risk Disclosure and Trading Considerations
Commodity trading, including futures and spot margin trading, involves substantial risk and may not be suitable for all participants. Losses may exceed the initial investment, and additional collateral may be required depending on market conditions.
While leverage can increase potential returns, it also increases the level of risk associated with trading activities. The availability of leverage may vary depending on the asset involved.
Past performance is not necessarily indicative of future results. The availability of spot margin trading through Kraken Derivatives US is subject to specific limitations and eligibility requirements.
Regulatory and Operational Disclosures
Spot margin trading is provided by NinjaTrader Clearing, LLC, doing business as Kraken Derivatives US, which operates as a CFTC-registered Futures Commission Merchant and a member of the National Futures Association (NFA ID: 0309379).
Financing for these activities is provided by Payward Accredited LLC, in accordance with applicable regulatory requirements.
About Payward
Payward is a unified financial infrastructure platform focused on advancing an open and global financial system. Through its product ecosystem, the company provides a range of financial services to clients in more than 190 countries and territories.
Its product family includes:
- Kraken — a digital asset trading platform established in 2011
- NinjaTrader — a platform supporting derivatives and trading tools
- Payward Services — a B2B infrastructure platform for financial institutions
The company offers services including:
- Crypto trading
- Derivatives trading
- Tokenized equities
- Staking
- Custody solutions
- Financial infrastructure services
Kraken is identified as one of the longest-standing and most secure crypto platforms globally.
Media Contact
For additional information, visit kraken.com.
Source Attribution
Source: Company announcement
