Kraken’s parent company, Payward, has confidentially filed for an initial public offering (IPO) with the SEC. As part of its pre-IPO expansion, Payward has acquired the tokenization platform Magna to enhance its suite of services for crypto projects, which will operate independently while leveraging Kraken’s resources.
Payward, the parent company of cryptocurrency exchange Kraken, has acquired the tokenization platform Magna as it prepares for a potential IPO. The company confidentially filed its IPO paperwork with the U.S. Securities and Exchange Commission in November.
The exchange has stated that Magna will operate as a standalone platform. It will be supported by Kraken’s liquidity, resources, and institutional knowledge.
Payward and Kraken Co-CEO Arjun Sethi noted the deal reflects a collective intent to help projects from idea to execution. He emphasized they do not want to lock projects into a single technology stack.
This acquisition increases Kraken’s capabilities in token issuance, vesting, staking, custody, and escrow services. These tools are increasingly in demand as more projects move their operations on-chain.
Magna’s CEO, Bruno Faviero, expressed excitement about the shared vision to support token ecosystems. 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 over 160 clients and recorded a peak total value locked of $60 billion in 2025. Payward reported $2.2 billion in adjusted revenue for the same year.
Other cryptocurrency firms are also exploring public listings. Hardware wallet maker Ledger and digital asset custodian Copper have both explored U.S. 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 market debut.
Optimism was high at the start of 2025 as Bitcoin surged to approximately $126,000 by October. Several crypto firms went public during that rally and posted strong first-day gains.
Since October, however, Bitcoin has fallen below $63,000 and newly listed crypto stocks have struggled. Firms including Bullish, eToro, and Gemini are all trading well below their debut prices.
Some newly public crypto stocks are down more than half from their opening levels. Even Circle, which has held up better than its peers, remains below its initial trading price.
