Kraken continues acquisition streak by buying token management firm Magna ahead of IPO push

AI Summary3 min read

TL;DR

Kraken's parent company Payward has acquired token management platform Magna, expanding its services beyond crypto exchange operations as it prepares for an IPO. Magna serves 160 clients and had $60 billion in peak TVL.

Key Takeaways

•Kraken continues its acquisition strategy by buying token management firm Magna to expand offerings ahead of expected IPO
•Magna provides token vesting, claims and distribution services to 160 clients with $60 billion peak TVL
•Kraken has made multiple acquisitions recently including NinjaTrader, Small Exchange, Breakout and Backed Finance
•The company raised $800 million at $20 billion valuation last year with Citadel Securities participation
•Magna will operate standalone but integrate tools into Kraken's institutional product suite

What to know:

Payward, Kraken’s parent company, has acquired token operations firm Magna.
Magna is used by crypto teams to manage token vesting, claims and distributions. It serves 160 clients and had a peak total value locked of $60 billion on its platform last year.
Kraken has made a string of acquisitions to expand and raised $800 million last year at a $20 billion valuation.

Payward, Kraken’s parent company, has acquired token operations firm Magna.
Magna is used by crypto teams to manage token vesting, claims and distributions. It serves 160 clients and had a peak total value locked of $60 billion on its platform last year.
Kraken has made a string of acquisitions to expand and raised $800 million last year at a $20 billion valuation.

Crypto exchange Kraken has extended its acquisition streak by buying token management platform Magna as the company gears up for an expected public market debut.

The deal, announced Wednesday by Kraken’s parent company Payward, brings in a platform used by crypto teams to manage token vesting, claims and distributions. It currently serves over 160 clients and reported a peak total value locked (TVL) of $60 billion in 2025, according to the press release.

Terms of the deal were not disclosed.

The deal highlights Kraken's push to become more than just a crypto exchange, expanding its offerings ahead as the firm is widely expected to go public.

Last year, it bought U.S. futures platform NinjaTrader for $1.5 billion, U.S.-licensed derivatives trading venue Small Exchange for $100 million. It also acquired proprietary trading firm Breakout and tokenized stock specialist Backed Finance, the issuer behind xStocks.

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

Magna will continue to operate as a standalone platform, but its tools will be integrated into Kraken’s institutional-facing product suite.

Some 77% of the survey's 4,658 respondents said they would open a cryptocurrency or stablecoin wallet within their banking or fintech app if one were available.
A survey commissioned by crypto exchange Coinbase and stablecoin infrastructure provider BVNK also found that 71% of users would use a stablecoin-linked debit card to spend the fiat-linked tokens.
Stablecoin users on average hold 35% of their annual earnings in such tokens, and 73% of freelancers and contractors reported an improvement in their ability to work with international clients thanks to stablecoins.

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