Crypto exchange Kraken has extended its acquisition streak by purchasing token management platform Magna as the company prepares for its anticipated public market debut.
The deal, announced Wednesday by Kraken parent company Payward, brings a platform used by crypto teams to manage token acquisition, claims and distributions. It currently serves more than 160 customers and has declared a peak total value locked (TVL) of $60 billion in 2025, according to the press release.
Terms of the deal were not disclosed.
The deal highlights Kraken’s push to become more than just a cryptocurrency exchange, expanding its offerings as the company is widely expected to go public.
Last year, it bought US futures platform NinjaTrader for $1.5 billion and US-licensed derivatives trading platform Small Exchange for $100 million. It also acquired proprietary trading firm Breakout and tokenized stocks 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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