Kraken acquires the token management platform Magna, continuing to expand its territory before the IPO

Cryptocurrency exchange Kraken's parent company Payward announced the acquisition of the token management platform Magna, further enhancing its product matrix and paving the way for potential listing plans. The transaction amount was not disclosed. Magna primarily provides token vesting, claiming, and distribution management services for crypto project teams, currently serving over 160 clients, with a projected peak total value locked (TVL) of $60 billion by 2025.

This acquisition continues Kraken's merger and acquisition strategy in recent years. Last year, the company acquired the U.S. futures platform NinjaTrader ($1.5 billion), the derivatives trading platform Small Exchange ($100 million), as well as the proprietary trading firm Breakout and the tokenized stock issuer Backed Finance. In November 2025, Kraken also completed a $800 million financing round, bringing the company's valuation to $20 billion. Magna will continue to operate independently, but its token lifecycle management tools will be integrated into Kraken's product system for institutional clients.