Kraken-owner Payward has agreed to acquire Bitnomial in a deal valued at up to $550 million in cash and stock, giving the firm control of a fully licensed U.S. crypto derivatives stack as it expands deeper into regulated markets.

The transaction values Payward at $20 billion and is expected to close in the first half of 2026, subject to customary conditions and regulatory filings with the Commodity Futures Trading Commission.

Bitnomial stands out as the first crypto-native platform in the U.S. to secure all three licenses required to operate a full-stack derivatives business: a designated contract market, a derivatives clearing organization, and a futures commission merchant. Those…

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