Kraken doubles down on expansion, acquires token management platform Magna as IPO looms Kraken’s acquisition streak continues. Payward, Kraken’s parent company, announced Wednesday that it has bought Magna, a token management platform used by crypto projects to handle token vesting, claims and distributions. Terms of the deal were not disclosed. Magna serves more than 160 clients and — according to the press release — reported a peak total value locked (TVL) of $60 billion in 2025. Going forward, the platform will operate as a standalone product while its tools are folded into Kraken’s institutional-facing suite. The purchase is the latest move in Kraken’s broader strategy to become more than just an exchange as it prepares for an expected public listing. Over the past year the company has snapped up a string of businesses, including U.S. futures platform NinjaTrader for $1.5 billion, derivatives venue Small Exchange for $100 million, proprietary trading firm Breakout, and tokenized stock specialist Backed Finance, the issuer behind xStocks. Kraken also bolstered its balance sheet in November with an $800 million raise that included participation from Citadel Securities, valuing the company at roughly $20 billion. The Magna buy adds token lifecycle and distribution capabilities to Kraken’s institutional offerings — a move that could deepen relationships with projects and enterprise clients ahead of an IPO push. Terms were not disclosed and Magna will continue to operate independently under Kraken’s umbrella while its functionality is integrated into the exchange’s product lineup. Read more AI-generated news on: undefined/news

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