Kraken acquires Magna as crypto deals in 2026 expected to smash $37bn record

Payward, the parent company of US crypto exchange Kraken, has bought token management platform Magna for an undisclosed amount.

Payward said Wednesday that the deal would help Kraken offer more than just trading infrastructure. Moving forward, the exchange would feature a “fully verticalised product suite.”

“This acquisition accelerates Kraken’s evolution into a platform where issuers, builders, and investors can rely on institutional-grade infrastructure from inception through scale,” Kraken’s head of onchain, Calvin Leyon, said.

The move comes after Kraken co-CEO Arjun Sethi told DL News in September that the crypto exchange had more deals lined up ahead of its planned IPO. Kraken made five acquisitions in 2025.

Mergers and acquisitions in the crypto space are expected to soar this year, DL News reported this month following an interview with Karl-Martin Ahrend, co-founder of crypto M&A advisory Areta.

Growing portfolio

Magna, which works to help crypto companies manage their stablecoins and other cryptocurrencies, will continue to operate as a standalone platform, Payward said.

“Joining Kraken gives us the resources to support existing and new clients with institutional-grade infrastructure, deeper liquidity, and global distribution,” Magna CEO Bruno Faviero said in a statement.

Kraken’s portfolio now includes futures trading platform NinjaTrade, which it bought for $1.5 billion, proprietary trading form Breakout, and tokenized assets platform Backed Finance.

Like its rivals, Kraken is also offering tokenised stocks and exchange-traded funds, hoping to become a platform that serves investors beyond the world of crypto.

More deals coming

Kraken said in September that while it was on the lookout for more deals, it wouldn’t have a “spray and pray” strategy but rather pick up companies that fit its roadmap.

Kraken is not only focused on becoming “the largest crypto platform in the world” but an “institutional-grade trading platform where any asset can be traded, anytime”, co-CEO Arjun Sethi has previously said.

And Kraken is hoping to follow in the footsteps of other top US crypto companies by going public following a $20 billion valuation. But Sethi told DL News last year that it was in no hurry to do so.

Crypto companies broke records for acquisitions last year, with $37 billion worth of deals made. And while the details of Kraken’s latest acquisition are yet to be revealed, 2026 has already gotten off to a hot start.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at [email protected].