Payward, the parent company of cryptocurrency exchange Kraken, announced the acquisition of token management platform Magna, further enriching its product portfolio and paving the way for a potential IPO. The transaction amount was not disclosed. Magna primarily provides token vesting, redemption, and distribution management services to cryptocurrency project teams, currently serving over 160 clients, with a peak total value locked (TVL) of $60 billion in 2025. This acquisition continues Kraken's recent acquisition strategy. Last year, the company acquired US futures platform NinjaTrader ($1.5 billion), derivatives trading platform Small Exchange ($100 million), proprietary trading firm Breakout, and tokenized equity issuer Backed Finance. In November 2025, Kraken also completed an $800 million funding round, valuing the company at $20 billion. Magna will continue to operate independently, but its token lifecycle management tools will be integrated into Kraken's product portfolio for institutional clients.