What Bitnomial does

Bitnomial, founded in 2014 by Luke Hoersten and headquartered in Chicago, operates a vertically integrated crypto-native derivatives exchange and clearinghouse in the United States. The company holds all three CFTC-issued derivatives licenses — Designated Contract Market (DCM, 2020), Futures Commission Merchant (FCM, 2022), and Derivatives Clearing Organization (DCO, 2023) — making it the first crypto-native firm to achieve the full US regulatory stack for digital-asset derivatives. Its platform offers perpetual futures, leveraged spot, futures, options, and prediction markets with crypto margin collateral and crypto (physical) settlement, organized under two branded suites — Bitcoin Complex® and Crypto Complex® — and accessible to retail and professional traders through the Botanical trading interface. The technology stack is built natively for digital assets using Haskell for type-safe trading systems, and supports multiple connectivity options including the proprietary Binary Transfer Protocol (BTP) for low-latency Direct Market Access, FIX 4.4 dropcopy, REST, and WebSocket APIs, all hosted on AWS US-East-2.

The company generates revenue primarily through per-side transaction fees on executed trades — $0.07/side for Participants and $0.10/side for Non-Participants in the Bitcoin Complex and Crypto Complex, and 2 basis points per side in the Spot Complex — with additional streams from blockchain network fees on digital-asset deposits and withdrawals, clearing and settlement services for partner prediction market operators, exchange listing services for token foundations, and B2B infrastructure licensing via the Payward Services platform. Distribution spans direct institutional access through clearing members (Marex, NinjaTrader, R.J. O'Brien, Wedbush, and the affiliate Bitnomial Clearing), the ISV channel via CQG, retail and professional traders via Botanical, and B2B/white-label access through Payward Services.

On May 1, 2026, Payward, Inc. — parent company of Kraken and NinjaTrader — completed its acquisition of Bitnomial for up to $550 million in cash and stock (announced April 17, 2026), valuing Payward's equity at $20 billion. Bitnomial now operates as a wholly-owned subsidiary within Payward, with its CFTC-licensed subsidiaries (Exchange LLC, Clearinghouse LLC, Clearing LLC, and Settlement LLC), regulatory structure, and third-party clearing operations intact, serving as the regulated derivatives infrastructure layer for Kraken, NinjaTrader, and partner fintechs. The company was previously venture-backed by Ripple, Coinbase Ventures, Electric Capital, Jump Capital, Digital Currency Group, RRE Ventures, Lemniscap, and other crypto-native and traditional financial investors.

Name

Bitnomial

Legal name

Bitnomial, LLC

Website

https://bitnomial.com

Company type

Private

Founded year

2014

Operating status

Acquired

Headcount range

1–10 employees

Short description

Bitnomial operates the first crypto-native US-regulated exchange and clearinghouse, holding all three CFTC derivatives licenses (DCM, DCO, FCM) and offering perpetuals, futures, options, leveraged spot, and prediction markets with crypto margin and physical crypto settlement; acquired by Payward (Kraken parent) in May 2026 for up to $550M.

Ownership category

akta.pro rank

Product category

Crypto Derivatives Exchange and Clearinghouse

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Commodity Contracts Intermediation (523160), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Permissioned / KYC DEXs (Institutional On-Chain Venues) (FSADABAN)

akta.pro secondary industries

Options & Structured Products DEXs (FSADABAF), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)

Keywords

• Crypto derivatives exchange
• Digital asset clearing
• Perpetual futures trading
• Crypto margin trading
• Regulated derivatives platform

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Exchange and clearinghouse transaction fees: Per-side transaction fees on executed trades: $0.07 for Participants and $0.10 for Non-Participants in Bitcoin Complex and Crypto Complex products; 2 basis points per side in Spot Complex products. Fees include both Exchange and Clearinghouse fees.
2. Digital asset deposit/withdrawal network fees: Blockchain network transaction fees charged for depositing and withdrawing digital assets through the clearinghouse, passed through from underlying blockchain networks.
3. Clearing services for partner prediction markets: Neutral clearing provider offering settlement infrastructure to partner prediction markets. Generates clearing and settlement revenue while avoiding competition with partners on retail offerings.
4. Exchange listing services: Listing leveraged spot, perpetual futures, futures, options, and prediction markets on Bitnomial Exchange (DCM) for partner token foundations, with established market structure, surveillance, and compliance infrastructure.
5. B2B infrastructure licensing (Payward Services): Revenue generated through Payward Services B2B platform by enabling fintechs, banks, brokerages, and payment providers to offer regulated US derivatives to their end clients via a single API integration.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Bitnomial operates a U.S. CFTC-regulated crypto-native derivatives exchange and clearinghouse offering leveraged spot, perpetual futures, futures, options, and prediction markets with digital asset margin collateral and crypto/physical settlement. The platform is built on three CFTC-regulated subsidiaries — Bitnomial Exchange (DCM), Bitnomial Clearinghouse (DCO), and Bitnomial Clearing (FCM) — sharing one unified book and one collateral pool, and accessible to both institutional participants via DMA and clearing members and to retail/professional traders through the Botanical trading interface.

Product overview

Bitnomial operates a vertically integrated, single-platform derivatives architecture built on three CFTC-regulated subsidiaries—Bitnomial Exchange (DCM), Bitnomial Clearinghouse (DCO), and Bitnomial Clearing (FCM)—that share one unified book and one collateral pool. The platform offers five core product modules—Perpetual Futures (the first CFTC-regulated perpetuals), Leveraged Spot (the first on a CFTC-regulated exchange), Futures (the only physically delivered crypto futures in the US), Options (the only crypto-margined and crypto-settled options market), and Prediction Markets (CFTC-approved)—organized into two branded suites: the Bitcoin Complex® (perpetuals, futures, options, and hashrate futures for Bitcoin) and the Crypto Complex® (industry-first futures across XRP, SOL, ETH, ADA, APT, XTZ, INJ, and other digital assets). All products are accessible to retail traders through Bitnomial's Botanical trading platform and to institutional participants through partner ISVs such as CQG, with B2B infrastructure provided via Payward Services for clearing, listing, and regulatory support.

Differentiator

Problem solved

Functional benefit

Brands

• Botanical: Bitnomial's trading technology platform that facilitates trading in perpetual futures and traditional futures & options within a unified trading interface.
• Bitcoin Complex®
• Crypto Complex®
• BTNL®

Products and services

• Bitnomial Exchange (DCM) Designated Contract Market (DCM) registered with the CFTC, operating the trading venue for perpetuals, futures, options, leveraged spot, and prediction markets with crypto margin and settlement. The first crypto-native exchange in the U.S. to hold all three CFTC-issued licenses (DCM, DCO, FCM).
• Bitnomial Clearinghouse (DCO) Derivatives Clearing Organization (DCO) registered with the CFTC, providing clearing services for spot, derivatives, and prediction markets as the first CFTC-regulated clearinghouse natively accepting digital assets (BTC, ETH, XRP, USD, stablecoins) as margin collateral with unified portfolio margining across products.
• Bitnomial Clearing (FCM) Futures Commission Merchant (FCM) registered with the CFTC and NFA member, offering futures account services to retail and institutional clients through the CQG and Botanical trading platforms.
• Perpetual Futures First-ever CFTC-regulated perpetual futures markets, offering economic parity with offshore perpetuals, including crypto margin and crypto settlement. Funding rates calculated at 8-hour intervals. Listed across Bitcoin and major altcoins including ETH, XRP, SOL, ADA, LINK, DOGE, LTC, AVAX, BCH, DOT, XLM, SUI, XTZ, ALGO, SHIB, AAVE.
• Leveraged Spot First-ever leveraged retail spot market on a CFTC-regulated derivatives exchange, regulated under CEA 2(c)(2)(D), allowing both retail and institutional traders to trade cryptocurrency on a leveraged basis with digital asset collateral and unified clearing.
• Futures The only physically delivered cryptocurrency futures in the United States, ensuring true price convergence and direct access to the underlying asset at expiration. Supports both crypto and USD margin and settlement across Bitcoin and altcoin underlyings.
• Options The only crypto-margined and crypto-settled options market in the United States, currently available on Bitcoin and Ethereum underlyings, enabling hedging and yield strategies with unified collateral across futures, perpetuals, and spot markets.
• Prediction Markets CFTC-approved prediction markets focused on crypto and economic events, with full integration across Bitnomial's derivatives product suite under unified liquidity. Also offers clearing services to partner prediction markets.
• Bitcoin Complex® The most comprehensive suite of regulated Bitcoin derivatives including perpetual futures, futures, options, and hashrate futures (first-ever regulated Bitcoin mining hashrate futures), all with crypto margin and settlement and unified collateral on a single exchange and clearinghouse.
• Crypto Complex® Industry-first regulated futures across major digital assets including XRP, Solana, Ethereum, Cardano, Aptos, Tezos, Injective, Chainlink, Polkadot, Avalanche, Litecoin, Stellar, Dogecoin, Hedera, Sui, Aave, and more, all with crypto settlement and crypto margin collateral.
• Botanical Trading Platform Bitnomial's retail-facing trading technology platform (botanical.finance) that facilitates trading in perpetual futures and traditional futures & options within a unified trading interface, available to US residents and around the world subject to local regulatory authority.

Quantifiable outcome

• $989.6M 30-day trading volume
• +5 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature10 records

Partnerships

13 partnerships are on record, tiered core, minor and flagship.

• TRON DAOcoreStrategic or Co-development Partner · 5 June 2026TRON DAO partnered with Bitnomial for spot listing of TRX token on Bitnomial Exchange, a CFTC-regulated U.S. exchange and clearinghouse, on June 5, 2026. The physically settled TRXUSD spot contract was self-certified on May 22, 2026. Provides compliant US market access for institutional investors restricted to regulated venues.
• PJT PartnersminorImplementation/ SI/ Consulting Partner · 1 May 2026PJT Partners served as exclusive financial advisor to Bitnomial in the Payward acquisition.
• Haynes BooneminorImplementation/ SI/ Consulting Partner · 1 May 2026Haynes Boone served as legal advisor to Bitnomial in the Payward acquisition.
• Katten Muchin Rosenman LLPminorImplementation/ SI/ Consulting Partner · 1 May 2026Katten Muchin Rosenman LLP served as regulatory advisor to Bitnomial in the Payward acquisition.
• Payward (Kraken parent)flagshipStrategic or Co-development Partner · 17 April 2026Payward, parent company of Kraken and NinjaTrader, acquired Bitnomial for up to $550M in cash and stock in a definitive agreement announced April 17, 2026. Acquisition completed May 1, 2026. Bitnomial becomes the first company in the US to own a fully CFTC-licensed derivatives stack built natively for digital assets. The combination enables CFTC-regulated spot margin, perpetuals, and options across Kraken, NinjaTrader, and Payward Services B2B platform.
• Injective FoundationcoreStrategic or Co-development Partner · 15 April 2026Injective Protocol ecosystem partnership for launch of first U.S. regulated Injective (INJ) futures contracts on April 15, 2026. Plans to follow with INJ perpetual futures and options. Positioned as a step toward a potential spot ETF under SEC generic listing standards.
• Aptos LabscoreStrategic or Co-development Partner · 14 January 2026Aptos Labs partnered with Bitnomial to launch the first U.S. regulated APT futures contract on January 14, 2026. The contract is designed to provide both institutional and retail traders access to CFTC-regulated markets, bridging the Aptos ecosystem with traditional capital markets.
• NinjaTrader Clearing, LLCcoreChannel Partner/ Reseller/ DistributorNinjaTrader Clearing is an affiliate FCM and a Clearing Member of Bitnomial Exchange and Clearinghouse, subject to all Exchange and Clearinghouse Rules. Provides brokerage and clearing services for Bitnomial-listed products.
• Marex Capital Markets, Inc.coreChannel Partner/ Reseller/ DistributorMarex Capital Markets is a Clearing Member of Bitnomial Exchange and Clearinghouse.
• R.J. O'Brien & Associates, LLCcoreChannel Partner/ Reseller/ DistributorR.J. O'Brien & Associates is a Clearing Member of Bitnomial Exchange and Clearinghouse.
• Wedbush Securities Inc.coreChannel Partner/ Reseller/ DistributorWedbush Securities is a Clearing Member of Bitnomial Exchange and Clearinghouse.
• CQGcoreTechnology or IntegrationCQG is an Independent Software Vendor (ISV) providing methods for connecting to Bitnomial Exchange. Bitnomial uses CQG symbology for its product symbols on CQG IC/Desktop.
• Anchorage DigitalcoreTechnology or IntegrationAnchorage Digital provides custody services for TRON/TRX in conjunction with Bitnomial's TRX spot listing, supporting institutional access through regulated custody.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Cboe Global Markets: US derivatives exchange operator exploring digital asset products. James Walsh, Bitnomial's chief regulatory officer, previously held compliance roles at Cboe — comparable exchange-operator DNA and potential institutional competitor for crypto listings.
• CME Group: Largest US-regulated derivatives exchange, launching crypto perpetual futures. Directly comparable product overlap (futures, options, crypto) and the dominant incumbent any US DCM must compete against for institutional flow.
• Intercontinental Exchange (ICE) / Bakkt parent: Owner of Bakkt and one of the world's largest exchange operators. Comparable as an incumbent building regulated crypto derivatives infrastructure through acquisition; competes for institutional tokenization and clearing mandates.

Direct peers

• Kraken Futures (Payward sibling post-acquisition): Crypto derivatives venue operated by Kraken (Bitnomial's new sibling within Payward). Direct peer on crypto perpetuals and futures; integration post-acquisition will likely consolidate the two into a single regulated stack.
• Bakkt: Regulated crypto derivatives and custody platform (Bakkt Trust, Bakkt Crypto). Comparable in offering physically delivered crypto futures under CFTC oversight and pursuing institutional and treasury use cases.
• LedgerX: CFTC-regulated derivatives exchange and clearinghouse for digital assets, holding DCM and DCO licenses. Closest peer in license architecture and crypto-native positioning; competes for the same institutional hedging flow.
• Coinbase Derivatives (formerly FairX): CFTC-regulated Designated Contract Market for crypto futures, operated by Coinbase. Most directly comparable regulated peer — same license type (DCM), same crypto asset class, same US institutional target market. Coinbase Ventures is also a Bitnomial investor.

Others

• TRON DAO: Partner customer that listed TRX spot on Bitnomial. Relevant ecosystem counterpart for altcoin derivatives listings and ETF pipeline development rather than direct competitor.
• Aptos Labs: Partner that launched the first US-regulated APT futures on Bitnomial. Representative of the token-foundation partner pipeline that drives product launches and ETF-eligibility pathways.

Emerging players

• dYdX: Decentralized perpetuals exchange targeting the same crypto-native perpetual futures demand that Bitnomial serves on the regulated side. Competes on liquidity and product depth; relevant benchmark for offshore perpetual futures economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/bitnomial

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 records

Funding overview

Funding rounds5 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bitnomial