Kraken, a leading US-based cryptocurrency exchange, has acquired Magna, a platform specializing in token distribution and management tools for digital asset companies, Fortune reported on Wednesday. Terms of the acquisition remain undisclosed.
The deal, announced today and completed last week, is the exchange’s sixth acquisition in the past year as it prepares to list in the United States.
Kraken, which operates under parent company Payward, has been on an acquisition spree since mid-2025, starting with the $1.5 billion acquisition of NinjaTrader. Retail futures and traditional trading space.
Other deals include proprietary trading platform Breakout, tokenized equity provider Backed, and derivatives infrastructure company Small Exchange.
Magna provides token management and distribution infrastructure for the top Web3 network, trusted by top venture capital firms. Its core product, Carta for Web3, allows companies to automate token allocation and incentivize network participants and investors with custom logic.
In September 2022, the platform was launched by Tiger Global and Tusk Ventures with additional support from Shima Capital, Circle Ventures, Solana Ventures, Polygon Ventures, Avalanche Labs, Alchemy Ventures, Galaxy Digital, and notable names such as Balaji Srinivasan, Ryan Selkis, and DJ Steve Abeoki. The company has raised $15 million in a seed round led by Partners at a valuation of $70 million.
Arjun Sethi, co-CEO of Kraken, told Fortune that the deal will allow the exchange to work with token creators in the early stages of development.
Kraken secretly filed for an IPO in November 2025 and released some financial information in February. The exchange will join several crypto companies entering the public market in 2025, including BitGo, Gemini, Circle, and Bullish.
