Kraken Eyes Bitnomial Buyout in $550M Cash and Stock Transaction

Payward, Inc. (dba Kraken) is slated to acquire CFTC-licensed derivatives exchange Bitnomial in a $550M cash and stock a transaction that values Payward’s equity at $20B.

What's the Scoop?

• Latest Acquisition: Crypto exchange Kraken's parent company has declared its intention to acquire fully CFTC-licensed derivatives exchange Bitnomial. Under the terms of the agreement, which values Payward equity at $20B, Payward will acquire 100% of the outstanding equity of Bitnomial for up to $550M, payable in cash and stock upon the deal's close sometime during the first half of 2026.
• Acquisition Tear: Payward (through Kraken) has been on a relentless buying spree in recent months, acquiring six companies besides Bitnomial since the start of 2025, including its at-the-time record-breaking $1.5B purchase of the U.S. futures platform NinjaTrader.
• Recent Raise: On Tuesday, Frankfurt Stock Exchange operator Deutsche Börse Group announced its intention to make a $200M strategic investment via secondary markets into crypto exchange Kraken, conferring a 1.5% and valuing the exchange at $13.3B.
• IPO Limbo: While Kraken announced via press release in November 2025 that it had "confidentially" initiated the IPO process with the U.S. Securities and Exchange Commission, last month, CoinDesk reported last month that the crypto had shelved its plans for multi-billion dollar public market debut due to downtrodden market conditions. Still, earlier this week, Kraken co-CEO Arjun Sethi confirmed the exchange's IPO plans at Semafor World Economy in Washington, D.C.

Payward to acquire Bitnomial, creating a fully CFTC-licensed derivatives platform

Combination of Bitnomial’s decade-built US regulatory infrastructure and Payward’s global distribution, scale, and multi-brand operating model to create one of the most comprehensively regulated and vertically integrated U.S. derivatives platforms

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