Kraken Acquires Token Custody Platform Magna, Continues Expansion Ahead of IPO

BlockBeats News, February 19th, according to CoinDesk, cryptocurrency exchange Kraken's parent company Payward announced the acquisition of token management platform Magna, further improving its product matrix and paving the way for a potential listing plan. The transaction amount was not disclosed. After the acquisition is completed, Magna will continue to operate independently, but its token lifecycle management tool will be integrated into Kraken's product suite for institutional clients.

Magna mainly provides token ownership (vesting), distribution, and issuance management services to cryptocurrency project teams, currently serving over 160 clients, with a peak total value locked (TVL) on the platform reaching $600 billion by 2025.

This acquisition continues Kraken's recent years' merger and acquisition strategy. The company acquired the U.S. futures platform NinjaTrader ($1.5 billion), the derivatives trading platform Small Exchange ($1 billion), as well as proprietary trading firm Breakout and tokenized stock issuance platform Backed Finance last year. In November 2025, Kraken also completed an $800 million financing round, reaching a company valuation of $20 billion.