Kraken snaps up $60B token platform Magna – IPO next?

ambcryptoPubblicato 2026-02-19Pubblicato ultima volta 2026-02-19

Introduzione

Kraken's parent company, Payward, has acquired tokenization platform Magna for an undisclosed sum as it prepares for a potential IPO. Magna, which recorded a peak TVL of $60 billion in 2025, will operate as a standalone platform supported by Kraken's liquidity and resources. The deal enhances Kraken's capabilities in token issuance, vesting, staking, custody, and escrow services. This move aligns with Payward's confidential IPO filing with the SEC in November, following its reported $2.2 billion in adjusted revenue for 2025. Despite a challenging crypto market where Bitcoin has declined and newly listed firms trade below debut prices, Kraken aims to proceed with its public listing alongside other industry players like Ledger, Copper, Securitize, and Consensys.

Kraken’s parent company, Payward, has acquired tokenization platform Magna as it prepares for a potential IPO. The paperwork was confidentially filed with the SEC.

Kraken expands, IPO plans underway

The exchange has so far stated that Magna will operate as a standalone platform. They’ll be supported by the exchange’s liquidity, resources and know-how.

Payward and Kraken Co-CEO Arjun Sethi made collective intent known with this deal. He noted that they’d want to “help projects move from idea to execution,” without “locking them into one stack.”

This deal will increase Kraken’s ability to handle token issuance, vesting, staking, custody and escrow services. These are tools increasingly in demand as more projects move on-chain.

Magna CEO Bruno Faviero said joining Kraken will give the platform more resources and global reach. Expressing happiness at the development, he stated,

“I couldn’t be more excited about our shared vision to support token ecosystems and the builders behind them across formation, launch, and growth.”

Magna currently serves more than 160 clients and recorded a peak TVL of $60 billion in 2025. The acquisition is in line with Payward filing for an IPO in November. They reported $2.2 billion in adjusted revenue for 2025.

They’re not the only ones...

Hardware wallet maker Ledger and digital asset custodian Copper have both explored US listings.

Tokenization firm Securitize recently reported revenue growth of more than 840% ahead of its own IPO plans. Consensys, the parent company of MetaMask, is also reportedly preparing for a debut.

Optimism was high at the start of 2025, as Bitcoin [BTC] surged to around $126,000 in October from under $94,000 at the end of 2024. Several crypto firms went public during that rally, many posting strong first-day gains.

But things went sour quickly.

Since October, BTC has fallen below $63,000, and newly listed crypto stocks have struggled. Bullish, eToro and Gemini are all trading well below their debut prices, with some down more than half.

Even Circle, which has held up better than its peers, remains below its opening level.

Final Summary

Kraken’s Magna acquisition will speed up IPO plans in a less than ideal crypto market.
The real test will be whether Kraken can go public as rivals struggle post-listing.

Domande pertinenti

QWhat is the parent company of Kraken and what significant acquisition did it make?

AKraken's parent company is Payward, and it has acquired the tokenization platform Magna.

QHow much was Magna's peak TVL in 2025 and how many clients does it serve?

AMagna recorded a peak TVL of $60 billion in 2025 and currently serves more than 160 clients.

QWhat are some of the services that Kraken's acquisition of Magna will enhance?

AThe acquisition will increase Kraken's ability to handle token issuance, vesting, staking, custody, and escrow services.

QWhat was Payward's adjusted revenue for 2025 as mentioned in the article?

APayward reported $2.2 billion in adjusted revenue for 2025.

QAccording to the article, how has the performance of newly listed crypto stocks been since Bitcoin's price decline from its October high?

ASince Bitcoin fell from its October high, newly listed crypto stocks have struggled, with Bullish, eToro, and Gemini all trading well below their debut prices, some down more than half.

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