Kraken acquired token manager Magna before the IPO
Kraken, a leading US-based crypto exchange, has acquired Magna, which focuses on token distribution and management tools for digital asset companies, Fortune reported on Wednesday. Terms of the purchase were not disclosed.
The deal, announced today and completed last week, is the exchange's sixth acquisition in the past year as it prepares to go public in the US.
Kraken, which is operated by Payward's parent company, has ramped up its acquisitions since mid-2025 with a $1.5 billion acquisition of NinjaTrader. The future of retail and traditional business space.
Other deals include proprietary trading platform Breakout, tokenized equities provider-backed and derivatives infrastructure company Small Exchange.
Magna provides token management and distribution infrastructure for the top Web3 networks trusted by premier venture capital firms. Its flagship product “Map for Web3” allows companies to automate token allocation and incentivize network participants and investors with custom logic.
In the year In September 2022, the platform raised $15 million in a seed round at a valuation of $70 million led by Tiger Global and Tusk Venture Partners, including Shima Capital, Circle Ventures, Solana Ventures, Polygon Ventures, Avalanche Labs, Alchemy Ventures, Galaxy Digital, and notable personalities, including Balaji Selknivaki, Ryan Sririsa.
Arjun Sethi, Kraken's CEO, told Fortune that the deal will allow the exchange to work with token creators in early stages of development.
Kraken privately filed for an IPO in November 2025 and released select financing in February. The exchange joins a number of crypto firms that have entered the public market in 2025, including Bitgo, Gemini, Circle and Bullish.
