Kraken Acquires Tokenization Platform Magna Ahead of Potential IPO

Payward, the parent company of cryptocurrency exchange Kraken, has acquired tokenization platform Magna, expanding the company’s infrastructure.

Kraken said Wednesday the acquisition would allow Magna to operate “as a standalone platform, powered by” the crypto exchange. The company’s announcement said Kraken would use the platform for “onchain and offchain vesting, white-label token claims, custody and escrow workflows, specialized staking functionality” and other functions.

“Joining Kraken gives us the resources to support existing and new clients with institutional-grade infrastructure, deeper liquidity, and global distribution,” said Magna CEO Bruno Faviero.

According to Kraken, Magna serves more than 160 clients with a peak total value locked of $60 billion in 2025. The acquisition is the latest move by the exchange this month, following an integration with ICE Chat, and its move to sponsor “Trump Accounts” under an initiative pushed by US President Donald Trump.

Related: Kraken parent Payward revenues jump 33% as crypto traders pile in

Kraken submitted a confidential initial public offering filing with the US Securities and Exchange Commission in November, signaling a potential IPO in the future. The company reported $2.2 billion in adjusted revenue for 2025.

In 2025, Payward acquired crypto native prop company Breakout, futures trading platform NinjaTrader, derivatives trading platform Small Exchange and software company Capitalise.

Other crypto companies mulling US IPOs in 2026

Crypto hardware wallet provider Ledger, headquartered in France, was reportedly discussing a potential public offering in the United States, with a valuation of $4 billion. Digital asset custodian Copper, based in London, was also reportedly considering a similar move into the US markets, while Securitize, a tokenization platform, reported in January that the company’s revenues were up over 840%, in an SEC filing ahead of plans to go public.