Kraken is continuing its acquisition-driven strategy as it looks to impress equity investors ahead of an initial public offering.
Kraken Steps up Acquisition Drive Ahead of IPO
19 February 2026 - 09:15 CET
The crypto exchange’s parent firm, Payward, said it has acquired tokenization
specialist Magna for an undisclosed amount. Prior to the acquisition, Magna had raised more than $15.7mn in two rounds, from investors including Tiger Global and Y Combinator, according to data from Tracxn.
Buying spree ahead of IPO
Kraken has been chasing accretive deals as it sets the stage for its roadshow and eventually jump into public equities. Including, Magna, the crypto exchange has
acquired six firms in the last 12 months. The buys range from futures trading platform NinjaTrader, which was valued at $1.5bn, to tokenized equity platform Backed Finance.
The acquisitions show how Kraken is trying to position itself as the one-stop shop for all things crypto, including tokenized equities.
IPO summer shines, but winter is coming
Kraken’s IPO ambitions come in the wake of a series of major public launches in 2025. Stablecoin giant Circle, Crypto exchanges Bullish and Gemini were some of the more high-profile crypto stock debuts that garnered significant Wall Street interest.
All three firms enjoyed massive gains early on, but the gloom in the crypto market eventually caught on to their stocks. Apart from Circle, which is still above its IPO debut, both Bullish and Gemini are trading below their initial prices. Bullish shares are down nearly 14% from its IPO price of $37, while Gemini stock has plummeted over 75% from its debut price of $28.
With a plethora of crypto firms lined up to join the public market - Kraken, Bitgo, Animoca being some of the more popular names - it seems that the IPO summer is here to stay. However, if the crypto market does not find some upward momentum soon, winter doesn’t seem that far away.
