Combination enables CFTC-regulated derivatives across Kraken, NinjaTrader and Payward Services, beginning with spot margin on Kraken
CHEYENNE, Wyo.–(BUSINESS WIRE)–Payward, a unified financial infrastructure platform advancing an open, global financial system, today announced the completion of its acquisition of Bitnomial, the first fully CFTC-licensed derivatives company in the United States built for digital assets.
Payward now owns the complete US derivatives stack – a Futures Commission Merchant (FCM), a Designated Contract Market (DCM), and a Derivatives Clearing Organization (DCO) – built over more than a decade with digital asset markets as the design basis. This is the foundation that enables Payward to bring CFTC-regulated spot margin, perpetuals and options to eligible US clients on Kraken and NinjaTrader.
The acquisition, which was first announced on April 17, 2026, completes a multi-year build-out of regulated derivatives infrastructure across Payward’s major markets, following the acquisition of the first licensed crypto futures platform in the UK in 2019 and the launch of a regulated EU derivatives offering in 2025.
“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,” said Arjun Sethi, Co-CEO of Payward and Kraken. “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.”
Bitnomial will continue to operate within the Payward group, with its existing licenses, regulatory structure and third-party businesses intact. Payward plans to scale Bitnomial’s team and operations as it builds out its US derivatives capabilities. Through Payward Services, the company’s B2B infrastructure platform, the acquisition opens a new channel for partners, including fintechs, banks, brokerages, and payment providers, to offer regulated U.S. derivatives to their own end clients via a single integration, alongside existing capabilities across crypto trading, tokenized equities, staking, and on/off-ramps.
About Payward
Payward is a unified financial infrastructure platform advancing an open, global financial system. Through its product family — including Kraken, NinjaTrader and Payward Services — Payward serves clients in more than 190 countries and territories with crypto trading, derivatives, tokenized equities, staking, custody and B2B financial infrastructure. Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms.
For more information, visit www.payward.com and www.kraken.com.
Advisors
PJT Partners served as exclusive financial advisor, Haynes Boone served as legal advisor, and Katten Muchin Rosenman LLP served as regulatory advisor to Bitnomial. Jones Day served as legal advisor, and Morrison Foerster LLP served as regulatory advisor to Payward.
Commodity trading, including futures and spot margin trading, involves substantial risk and is not suitable for everyone. Losses may exceed the initial investment, and additional collateral may be required. While leverage can increase potential returns, it also significantly increases risk. Leverage available may vary by asset. Past performance is not necessarily indicative of future results. Availability of spot margin trading through Kraken Derivatives US is subject to certain limitations and eligibility criteria. View Risk Disclosure Statement.
Spot margin trading is provided by NinjaTrader Clearing, LLC d/b/a Kraken Derivatives US, a CFTC-registered Futures Commission Merchant and NFA Member (NFA ID: 0309379), with financing provided by Payward Accredited LLC. View Disclosures.
Contacts
Media contact
Lauren Post
[email protected]
