Kraken Acquires Magna to Expand Token Management Services Ahead of Potential IPO

Crypto exchange Kraken has continued its acquisition streak with the purchase of token management platform Magna, signaling a broader strategy to expand beyond traditional cryptocurrency trading as it prepares for a potential public market debut.

Kraken’s parent company, Payward, announced the deal on Wednesday, adding Magna’s token vesting, claims, and distribution technology to its growing portfolio. Magna supports more than 160 crypto projects and reported a peak total value locked (TVL) of $60 billion in 2025, underscoring its position as a key infrastructure provider in the digital asset ecosystem. Financial terms of the acquisition were not disclosed.

The move reflects Kraken’s ambition to strengthen its institutional crypto services and diversify its revenue streams. By integrating Magna’s token management platform into its institutional product suite, Kraken aims to provide crypto teams and blockchain projects with more comprehensive solutions for managing token lifecycles, vesting schedules, and investor distributions. Despite the acquisition, Magna will continue operating as a standalone platform.

Kraken has been aggressively expanding through strategic acquisitions over the past year. In 2024, the crypto exchange acquired U.S. futures platform NinjaTrader for $1.5 billion and derivatives venue Small Exchange for $100 million. It also purchased proprietary trading firm Breakout and tokenized stock specialist Backed Finance, known for issuing xStocks. These deals highlight Kraken’s broader push into crypto derivatives trading, tokenized assets, and institutional trading services.

In November, Kraken raised $800 million in a funding round that included Citadel Securities, valuing the company at $20 billion. The fresh capital and ongoing acquisitions position Kraken as a major player in the global cryptocurrency market, particularly as speculation grows around a possible Kraken IPO.

With the Magna acquisition, Kraken is reinforcing its role as a full-service crypto platform, offering token management, derivatives trading, and institutional-grade infrastructure in an increasingly competitive digital asset industry.