US-Regulated Bitcoin Derivatives Market Bitnomial Raises $11.6M
Bitnomial has raised $11.6 million from investors betting on the Chicago-based bitcoin derivatives exchange’s access to the lucrative, and exclusive, institutional U.S. market.
The Commodities and Futures Trading Commission-regulated market for bitcoin options and physically settled futures contracts disclosed the equity sale in an Oct. 5 filing with the U.S. Securities and Exchange Commission.
- Bitnomial CEO Luke Hoersten did not immediately comment on the raise.
- August reporting by The Block indicates Hoersten sought to raise $10 million in a Series B round that would fund an expansion of Bitnomial’s market infrastructure, employee base and product offering.
- Bitnomial appears to have surpassed that benchmark: 13 unnamed investors joined the round for a total raise of $11,644,051.
- The disclosure follows U.S. regulators’ multi-pronged crackdown on crypto derivatives market BitMEX last week.
- It’s worth noting that Binomial’s raise notched its first sale in the weeks leading up to the BitMEX allegations.
- Also of note: the two companies service vastly different client bases. Bitnomial services institutional investors, whereas BitMEX plays to retail traders.
