Kraken Parent Payward Buys Magna to Expand Institutional Token Services

TLDR

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

Kraken Buys Token Management Platform Magna as IPO Plans Take Shape

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

The deal was announced Wednesday. Terms were not disclosed.

Magna currently serves more than 160 clients. The platform recorded a peak total value locked of $60 billion in 2025.

Magna’s CEO Bruno Faviero said joining Kraken gives the company access to institutional-grade infrastructure, deeper liquidity, and global distribution.

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

Kraken’s Growing Acquisition History

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

Kraken also picked up prop trading firm Breakout and tokenized stock specialist Backed Finance last year.

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

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

IPO on the Horizon

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

Kraken reported $2.2 billion in adjusted revenue for 2025. That was a 33% jump from the prior year.

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

Kraken is not alone in eyeing a US IPO. Crypto hardware wallet maker Ledger is reportedly exploring a US public offering at a $4 billion valuation.

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

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