Kraken acquired Magna to expand token vesting and lifecycle services across its crypto ecosystem.
Magna reached $60B peak TVL in 2025 showing strong demand for token management tools.
Payward filed for an IPO as Kraken strengthens infrastructure and boosts revenue growth.
Kraken’s parent company, Payward, has acquired token management platform Magna, expanding its infrastructure ahead of a planned public listing. The deal strengthens Kraken’s push into token lifecycle services as competition intensifies across exchanges. The acquisition also adds another strategic asset to a year marked by steady expansion. Moreover, it reflects a broader shift toward integrating token infrastructure within trading platforms.
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Magna reached a peak total value locked of $60 billion in 2025. The platform serves more than 160 clients managing complex token ecosystems. It supports token vesting, airdrops, and distribution tracking across multiple blockchains. Additionally, it offers both onchain and offchain operational tools.
Kraken will allow Magna to operate as a standalone platform within its ecosystem. The exchange will however incorporate Magna infrastructure into its wider product portfolio. The company is interested in making fundraising, token distribution, custody, and staking processes smoother. Consequently, Kraken enhances its position beyond mere spot trading.
Expanding Token Infrastructure Capabilities
Magna launched in 2021 to simplify token management for crypto-native teams. Since then, it has built tools for white-label token claims and escrow workflows. It also provides specialized staking functionality and distribution monitoring. These features support projects managing billions in active tokens.
Kraken plans to use Magna’s infrastructure to unify token lifecycle management across chains. The integration connects vesting schedules, liquidity, and custody under one operational layer. Consequently, the exchange deepens its engagement with builders and early-stage projects. This approach aligns with rising demand for structured token operations.
The token platform sector has attracted increased investment this year. Anchorage Digital acquired Hedgey to expand token allocation services. Coinbase also purchased Liquifi to enhance distribution and compliance workflows. Therefore, Kraken’s acquisition fits within a wider industry consolidation trend.
Acquisition Strategy and Financial Growth
The Magna purchase marks Kraken’s sixth acquisition within the past year. Earlier in 2025, Payward acquired prop trading firm Breakout. It also completed the $1.5 billion purchase of futures platform NinjaTrader. Furthermore, it added derivatives venue Small Exchange and software firm Capitalise.
Payward reported $2.2 billion in adjusted revenue for 2025. That figure represents a 33% increase compared to 2024. The company linked revenue growth to its recent acquisitions and product expansion. Meanwhile, the launch of the Krak app contributed to broader user engagement.
Magna was valued at $70 million in its last funding round. However, financial terms of the Kraken deal remain undisclosed. Even so, the acquisition signals continued capital deployment into infrastructure assets.
IPO Filing and Broader Market Context
Payward confidentially filed for an initial public offering with the US Securities and Exchange Commission in November. The filing indicates preparation for a future public listing. At the same time, Kraken integrated with ICE Chat and backed initiatives tied to US political accounts.
Other crypto firms are also considering US listings. Ledger has explored a potential public offering at a reported $4 billion valuation. Ledger revealed plans for a US IPO last year so as to attract more investors and grow its presence in New York. Copper and Securitize have also reviewed similar market moves. Notably, Securitize reported revenue growth above 840% in a recent SEC filing.
Kraken’s acquisition of Magna positions the exchange to offer services from token creation to staking and custody. The move strengthens its ecosystem while preparing for broader capital markets participation.