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Payward, the parent company of the cryptocurrency exchange
Kraken, has acquired the token management platform Magna to expand its institutional infrastructure services. The deal, announced on February 18, 2026, represents Kraken's sixth major acquisition in the past 12 months as it prepares for a potential initial public offering (IPO).
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Key Acquisition Details
Standalone Operations: Magna will continue to operate as a standalone platform under the Payward umbrella, ensuring existing clients maintain their current integrations and workflows.
Institutional Integration: Magna’s tools will be folded into Kraken’s institutional product suite to offer services like on-chain and off-chain vesting, white-label token claims, custody, and escrow workflows.
Market Position: At the time of acquisition, Magna served over 160 clients and reported a peak total value locked (TVL) of $60 billion in 2025.
Financial Terms: While specific financial terms were not disclosed, Magna was last valued at $70 million during its most recent funding round.
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Strategic Rationale
According to Kraken Blog, Co-CEO Arjun Sethi stated that the move aims to build reliable "lifecycle infrastructure," connecting fundraising, distribution, and liquidity into a single operating layer. By acquiring Magna, Kraken can support token issuers from inception through to trading, rather than just providing secondary market liquidity.
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Context of Expansion
This acquisition follows a string of significant deals by Payward in 2025 and early 2026:
NinjaTrader: Acquired for $1.5 billion in March 2025 to enter the U.S. futures market.
Small Exchange: A $100 million purchase of the CFTC-regulated derivatives exchange.
Backed Finance: Acquisition of a tokenized stock specialist to bring traditional assets on-chain.
Capitalise.ai: Acquired to provide no-code trading automation tools.
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