Kraken's parent company Payward has agreed to acquire Bitnomial, a U.S. derivatives exchange, for up to $550 million in combined cash and stock. The deal gives Kraken direct access to a fully CFTC-licensed venue — a rare and strategically valuable regulatory asset in the U.S. crypto market. Terms include variable consideration, meaning the final price depends on conditions that haven't been fully disclosed.
This deal accelerates Kraken's push into regulated U.S. crypto derivatives — a market that has been largely dominated by CME and locked away from pure-play crypto exchanges. A CFTC license opens the door for Kraken to offer Bitcoin and Ethereum futures directly to U.S. retail and institutional clients, expanding its revenue base and competitive positioning against Coinbase. For crypto broadly, it signals that serious infrastructure investment is continuing despite years of regulatory headwinds.
No confirmed date yet: CFTC review and approval process for the Bitnomial acquisition. Watch for Coinbase (COIN) earnings and any commentary on U.S. derivatives strategy. Monitor any SEC or CFTC regulatory announcements on crypto exchange oversight in Q3 2025.
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