Kraken has added another acquisition to its growing roster, buying token-management platform Magna as the exchange prepares for an anticipated IPO. Announced Wednesday by Kraken’s parent company Payward, the deal brings a platform used by crypto projects to manage token vesting, claims and distributions into Kraken’s fold. Magna serves more than 160 clients and—per the press release—reported a peak total value locked (TVL) of $60 billion in 2025. Financial terms of the transaction were not disclosed. Magna will continue to operate as a standalone product, but its tooling will be integrated into Kraken’s institutional-facing suite, a move that signals the exchange’s intent to broaden beyond spot trading into deeper token infrastructure and services. The acquisition is the latest in a string of deals as Kraken positions itself for the public markets. In the past year the firm acquired U.S. futures platform NinjaTrader for $1.5 billion and Small Exchange, a U.S.-licensed derivatives venue, for $100 million. It has also bought proprietary trading firm Breakout and tokenized stock issuer Backed Finance (the company behind xStocks). Kraken raised $800 million in November in a round that included Citadel Securities, valuing the company at about $20 billion. The Magna deal strengthens Kraken’s institutional toolkit at a time when the exchange is evolving from a pure trading venue into a broader crypto infrastructure provider ahead of its expected IPO. Read more AI-generated news on: undefined/news

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