Cryptocurrency exchange Kraken has extended its acquisition streak by purchasing token management platform Magna as the company prepares for a long-awaited public market debut.
The deal, announced Wednesday by Kraken parent company Payward, incorporates a platform used by crypto teams to manage token acquisition, claims and distributions. It currently serves more than 160 clients and recorded a peak total value locked (TVL) of $60 billion in 2025, according to the press release.
Terms of the agreement were not disclosed.
The deal highlights Kraken’s push to become more than just a crypto exchange, expanding its offerings in the future as the company is expected to go public.
Last year, it bought US futures platform NinjaTrader for $1.5 billion and US-licensed derivatives trading venue Small Exchange for $100 million. It also acquired proprietary trading company Breakout and tokenized shares specialist Backed Finance, the issuer behind xStocks.
Kraken raised $800 million in November, a round that included 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 suite of institutional products.
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