Cryptocurrency exchange Kraken has extended its acquisition streak with the acquisition of token management platform Magna as it prepares for its expected public market debut.
The deal, announced by Kraken’s parent company Payward on Wednesday, introduces a platform used by crypto teams to manage token vesting, claims, and distribution. The company currently serves more than 160 customers and reported $60 billion in peak value locked (TVL) in 2025, according to a press release.
Terms of the deal were not disclosed.
The deal underscores Kraken’s plans to expand its services and become more than just a crypto exchange, as it is widely expected to go public.
Last year, the company acquired US futures platform NinjaTrader for $1.5 billion and US-licensed derivatives exchange Small Exchange for $100 million. It also acquired proprietary trading firm Breakout and tokenized stock specialist Backed Finance, issuer of xStocks.
Kraken raised $800 million in a round in November that also included participation from Citadel Securities, valuing the company at $20 billion.
Magna will continue to operate as a standalone platform, but its tools will be integrated into Kraken’s institutional product suite.
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