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Kraken Parent Payward Acquires Magna to Expand Token Lifecycle Services Ahead of IPO

Kraken plans to fold Magna’s vesting and distribution tools into its institutional offering with Magna continuing to operate independently.

Kraken snaps up $60B token platform Magna - IPO plans move forward
Arjun Sethi, co-CEO of Kraken.
Payward acquires magna to expand kraken token lifecycle infrastructure services
Kraken acquires token manager Magna ahead of IPO

Overview

  • Payward announced the Magna purchase on Feb. 18 after the deal closed the prior Friday, and financial terms were not disclosed.
  • Magna provides token vesting, claims and distribution infrastructure, serving 160+ clients and reporting a $60 billion peak TVL in 2025.
  • This marks Kraken’s sixth acquisition in about a year, following NinjaTrader ($1.5 billion), Small Exchange ($100 million), Breakout and Backed.
  • Co-CEO Arjun Sethi said the move lets Kraken support token issuers earlier in their lifecycle rather than only at liquidity events.
  • Kraken confidentially filed for a U.S. IPO in November 2025, raised $800 million at a $20 billion valuation, and reported $2.2 billion in adjusted 2025 revenue.