Payward, the parent company of crypto exchange Kraken, has completed its acquisition of Bitnomial, giving the firm a full U.S. derivatives stack regulated by the Commodity Futures Trading Commission (CFTC).

The deal gives Payward control of Bitnomial's futures broker, exchange and clearinghouse licenses. That structure allows Payward to offer regulated crypto derivatives in the U.S. without relying on a patchwork of third-party venues.

The transaction values Payward's equity at $20 billion. It follows the firm's $1.5 billion acquisition of retail futures platform NinjaTrader in 2025, the two deals together forming the backbone of its U.S. derivatives push.

Payward said it plans to start with spot margin on Kraken and NinjaTrader. Perpetual futures, contracts without a set expiry, and options are expected to follow.

The acquisition also gives Payward a business-to-business path. Banks, fintech firms, and brokerages could connect to regulated U.S. derivatives products through a single integration with Payward Services, the company added.

Bitnomial was founded in 2014 and spent more than a decade building its CFTC licenses. Payward is paying up to $550 million in cash and stock for the company, according to the provided briefing.

The deal comes as U.S. crypto firms race to bring derivatives onshore under CFTC rules. Coinbase has already launched perpetual-style futures in the U.S., while other trading firms are exploring similar products.

The crypto futures and options market has become the dominant layer of digital asset trading, dwarfing spot activity in both volume and leverage. In the past 24 hours alone, crypto futures have generated around $200 billion in trading volume, roughly double the activity in spot markets. A significant portion of this market, particularly options, is concentrated on unregulated offshore venues, limiting direct access for U.S.-based traders.