TLDR

  • Payward, the parent company of Kraken, acquired the tokenization platform Magna, which provides services to over 160 clients.
  • In 2025, Magna reached a peak total value locked of $60 billion.
  • In November 2025, Kraken confidentially filed for an IPO with the SEC.
  • The company reported $2.2 billion in adjusted revenue for 2025 and raised $800 million at a valuation of $20 billion.
  • In 2025, Kraken made multiple acquisitions, including NinjaTrader, Small Exchange, and Breakout.

Kraken Buys Token Management Platform Magna as IPO Plans Take Shape

Payward, the parent company of Kraken, has acquired Magna, a platform used by crypto projects to manage token vesting, claims, and distributions.

The deal was announced on Wednesday. The terms were not disclosed.

Currently, Magna serves more than 160 clients. In 2025, the platform recorded a peak total value locked of $60 billion.

Bruno Faviero, the CEO of Magna, stated that joining Kraken gives the company access to institutional – grade infrastructure, greater liquidity, and global distribution.

Magna will continue to operate as a standalone platform. However, its tools will be incorporated into Kraken’s institutional product suite.

Kraken’s Growing Acquisition History

This is not Kraken’s first deal in recent months. In 2025, Payward purchased the US futures platform NinjaTrader for $1.5 billion and the derivatives venue Small Exchange for $100 million.

Last year, Kraken also acquired the prop trading firm Breakout and the tokenized stock specialist Backed Finance.

The acquisition of Magna follows a recent integration with ICE Chat. Kraken also started sponsoring “Trump Accounts” under an initiative from US President Donald Trump.

In November 2025, Kraken raised $800 million in a round that included Citadel Securities. That round valued the firm at $20 billion.

IPO on the Horizon

In November 2025, Kraken confidentially filed for an initial public offering with the SEC. The company has not set a public listing date.

Kraken reported $2.2 billion in adjusted revenue for 2025, which was a 33% increase from the previous year.

The acquisition of Magna adds token lifecycle management to Kraken’s expanding product stack ahead of its expected public debut.

Kraken is not the only one eyeing a US IPO. The crypto hardware wallet maker Ledger is reportedly exploring a US public offering at a valuation of $4 billion.

The digital asset custodian Copper is also reportedly considering a US listing. The tokenization platform Securitize filed with the SEC in January, reporting a revenue growth of over 840%.