Bitnomial Acquisition, Valuation, Funding & Investors
Bitnomial was acquired by Kraken for $550M in April 2026.
About Bitnomial
Bitnomial is a Chicago-based regulated derivatives exchange for digital assets, launched in 2018 after receiving CFTC designation as a Designated Contract Market. It offers Bitcoin futures and options settled in cash or physically, connecting hedgers in energy and agriculture with institutional traders. Bitnomial provides clearing through its DCO and emphasizes compliant trading infrastructure for North American markets.
Founded
2014
HQ
Chicago, ILWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Commission
Valuation
$550M (acquired Apr 2026)
Bitnomial Acquisition
Bitnomial was acquired by Kraken for $550M on 16 April 2026.
Before the acquisition Bitnomial had raised $44M across 3 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 16 Apr 2026 | Strategic M&A | $550M |
Bitnomial Funding History
Bitnomial has raised a total of $44M across 3 funding rounds.
Bitnomial's first fundraising round was a $8M Series A in December 2018. The most recent completed round was a $25M undisclosed-stage round in July 2024.
Bitnomial funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2024 | Undisclosed stage | Ripple (lead) | $25M | Bitnomial is a U.S.-based, CFTC-regulated digital asset derivatives exchange and brokerage platform operating exchange (DCM), clearinghouse (DCO), and futures commission merchant (FCM) subsidiaries. It offers products like the Bitcoin Complex with physically delivered contracts and announced the upcoming launch of Botanical, a perpetual futures trading platform providing regulated access to options, regular futures, and perpetuals as an alternative to DEXes and offshore workarounds. The platform is in limited beta and plans to use Ripple's RLUSD stablecoin for perpetual futures settlement via Bitnomial Clearinghouse, LLC, pending approvals. Bitnomial raised $25 million in a funding round led by Ripple around July 26, 2024, with participation from new and existing investors. Ripple CEO Brad Garlinghouse joined Bitnomial's board and highlighted the investment as supporting a compliant U.S. derivatives market for digital assets like XRP. The funds support the launch of Botanical and expansion of regulated trading. CEO Luke Hoersten emphasized the partnership's role in building a robust marketplace. The company recently sued the SEC over its claim that proposed XRP futures are security futures, arguing XRP is a non-security commodity based on court rulings in SEC v. Ripple. It also filed with the CFTC to list XRP futures, which remain authorized absent a stay. |
| Oct 2020 | Series B | Electric Capital (lead); Jump Capital; Lemniscap | $11M | Bitnomial is a bitcoin derivatives exchange targeting the U.S. institutional market. The company raised $11.6 million in a Series B round led by Electric Capital, with participation from Jump Capital and Lemniscap around May 2020. |
| Dec 2018 | Series A | RRE Ventures (lead) | $8M | Bitnomial raised funding in a Series A round on December 26, 2018, with RRE Ventures as an investor. The company operates as a US-regulated digital asset derivatives exchange. Investors in Bitnomial include RRE Ventures, Jump Capital, and others. Bitnomial later received CFTC approvals for derivatives licenses in 2023. |
Who has invested in Bitnomial?
5 investors have backed Bitnomial across its funding rounds, including RRE Ventures, Jump Capital, Electric Capital, Lemniscap and Ripple.
Lead investors include Ripple, Electric Capital and RRE Ventures.
Bitnomial Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Chicago, IL | 1 | Participant | Oct 2020 | |
| New York City, NY | 1 | Lead | Dec 2018 | |
 George Town | 1 | Participant | Oct 2020 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments by Bitnomial
Bitnomial has invested in 1 company to date.
Latest investment by Bitnomial was on June 9th 2021. Bitnomial invested in Luxor Technology in their $5M Series A round.
Latest Investments by Bitnomial
| Description | - | - |
| HQ Country | | |
| HQ City | - | - |
| Deal Date | 9 Jun 2021 | 16 Feb 2021 |
| Round | Series A | Pre-seed |
| Raised | $5M | $700K |
| Investors | Celsius Network; Navier; Blockware Solutions; HODL Capital; Supplybit; DeFi Technologies; NYDIG; DPO | Argo Blockchain; Celsius Network |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Bitnomial investments and their VC round multiples. Start Free Trial | ||
Bitnomial Competitors
Bitnomial competitors include listed companies like Rhino Bitcoin and Indokripto Koin Semesta, and private ones like Ledn, ether.fi, GVE and Thetanuts Finance.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Toronto | Private | $100M | - | $540M | 5.4x | |
| Cayman Islands | Private | $100M | - | $570M | 5.7x | |
 Tokyo | Private | - | - | $521M | - | |
| Norfolk, VA | Private | - | - | $586M | - | |
| United States | Publicly listed | $478K | ($417K) | $594M | - | |
 Indonesia | Publicly listed | $16M | $7M | $609M | - |
Bitnomial Public Comps
Bitnomial is no longer listed, but its public comps include Rhino Bitcoin, Indokripto Koin Semesta, Stewards, Coincheck Group, Bakkt, Chaince Digital, BitGo Holdings, ProCap Financial, Capital B and HashKey Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| - | - | - | - | - | - | |||
| $3.1B | $354K | 0.2x | 0.2x | 1312.3x | (189.0x) | |||
| $2.3B | ($98M) | 0.1x | 0.2x | (2.9x) | (27.3x) | |||
| $2M | ($3M) | 148.5x | - | (97.3x) | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| - | - | - | - | - | - | |||
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Common questions about Bitnomial
| When was Bitnomial founded? | Bitnomial was founded in 2014. |
| Where is Bitnomial headquartered? | Bitnomial is headquartered in Chicago, IL, United States. |
| Is Bitnomial publicly listed? | No, Bitnomial was acquired by Kraken in April 2026. |
| Who acquired Bitnomial? | Bitnomial was acquired by Kraken in April 2026. |
| How much was Bitnomial acquired for? | Bitnomial was acquired for $550M in April 2026. |
| How much funding has Bitnomial raised? | Bitnomial has raised $44M across 3 funding rounds. |
| What was Bitnomial's last funding round? | Bitnomial's last funding round was a $25M undisclosed-stage round in July 2024, led by Ripple. |
| Who are Bitnomial's investors? | Bitnomial's investors include Jump Capital, RRE Ventures, Lemniscap, Ripple and Electric Capital. |
| Which companies are comparable to Bitnomial? | Companies comparable to Bitnomial include Ledn, ether.fi, GVE, Thetanuts Finance, Rhino Bitcoin and Indokripto Koin Semesta. |
| How many companies has Bitnomial invested in? | Bitnomial has invested in 1 company, including Luxor Technology. |
| What was Bitnomial's last investment? | In June 2021, Bitnomial invested in Luxor Technology's $5M Series A alongside Celsius Network, Navier, Blockware Solutions and 5 other investors. |
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