Kraken Expands Portfolio with Magna Tokenization Platform Purchase Before Possible Stock Market Debut
While submitting a confidential IPO filing to the SEC, the cryptocurrency exchange's holding company has made multiple platform acquisitions throughout 2025.
The holding company behind leading cryptocurrency exchange Kraken, known as Payward, has completed the acquisition of Magna, a tokenization platform, in a move that significantly broadens the firm's operational infrastructure capabilities.
In an announcement released on Wednesday, Kraken revealed that the deal would enable Magna to continue functioning "as a standalone platform, powered by" the cryptocurrency exchange's resources and expertise. According to the company's statement, Kraken plans to leverage the platform to facilitate "onchain and offchain vesting, white-label token claims, custody and escrow workflows, specialized staking functionality" along with additional operational capabilities.
"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.
Data from Kraken indicates that Magna currently provides services to more than 160 clients and achieved a peak total value locked reaching $60 billion throughout 2025. This strategic acquisition represents the most recent development by the exchange during the current month, coming after its integration partnership with ICE Chat, as well as its decision to sponsor "Trump Accounts" as part of an initiative promoted by US President Donald Trump.
The cryptocurrency exchange filed a confidential initial public offering document with the US Securities and Exchange Commission back in November, indicating the company's potential plans to pursue an IPO in the coming period. Financial disclosures show the company generated $2.2 billion in adjusted revenue throughout 2025.
Throughout 2025, Payward completed acquisitions of multiple companies including crypto native prop company Breakout, the futures trading platform NinjaTrader, the derivatives trading platform Small Exchange, and software company Capitalise.
Additional cryptocurrency firms exploring US IPO opportunities in 2026
France-based cryptocurrency hardware wallet manufacturer Ledger has reportedly been in discussions regarding a potential public offering in the United States, with company valuations estimated around $4 billion. Meanwhile, Copper, a digital asset custody provider headquartered in London, has also reportedly been evaluating a comparable entry into the US public markets, and Securitize, operating as a tokenization platform, disclosed in January through an SEC filing that the company experienced revenue growth exceeding 840%, as it prepares for potential plans to transition to a publicly traded entity.