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Kraken extends its acquisition trend by purchasing token management company Magna prior to IPO efforts.
The acquisition enhances token lifecycle infrastructure within Kraken’s expanding product range.
Kraken (modified by CoinDesk)
Key details:
- Payward, the parent company of Kraken, has acquired the token operations company Magna.
- Magna is utilized by crypto teams for managing token vesting, claims, and distributions. It supports 160 clients and reached a peak total value locked of $60 billion on its platform last year.
- Kraken has engaged in a series of acquisitions to broaden its scope and raised $800 million last year, achieving a valuation of $20 billion.
Crypto exchange Kraken has continued its acquisition trend by purchasing the token management platform Magna as it prepares for a potential public market entry.
This acquisition, revealed on Wednesday by Kraken’s parent company Payward, incorporates a platform that assists crypto teams with token vesting, claims, and distributions. Currently, it serves more than 160 clients and reported a peak total value locked (TVL) of $60 billion in 2025, as per the press release.
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Details of the agreement were not made public.
This acquisition underscores Kraken’s ambition to evolve beyond a mere crypto exchange, broadening its services as the firm is anticipated to go public.
In the previous year, it acquired U.S. futures platform NinjaTrader for $1.5 billion and U.S.-licensed derivatives trading venue Small Exchange for $100 million. Additionally, it purchased proprietary trading firm Breakout and tokenized stock specialist Backed Finance, which is the issuer behind xStocks.
Kraken secured $800 million in November, a funding round that included Citadel Securities, valuing the company at $20 billion.
Magna will continue to function as an independent platform, though its tools will be assimilated into Kraken’s institutional-focused product portfolio.
Read more: Crypto exchange Kraken fires chief financial officer ahead of long-awaited IPO
