The deal is set to be completed in the first half of 2026 for $550 million, in a mix of stocks and cash. As part of the acquisition, Payward's equity value was estimated at $20 billion. Bitnomial is the first U.S. cryptocurrency exchange with all three licenses issued by the CFTC for conducting crypto business and trading derivatives. Kraken noted that the purchase saved years in obtaining the necessary approvals. Kraken Co-CEO Arjun Sethi emphasized that Bitnomial spent 10 years developing clearing infrastructure for digital assets. The company will also integrate their margin lending and options services for U.S. clients.