Kraken, a major US-based crypto exchange, has acquired Magna, a platform specializing in token distribution and management tools for digital asset companies, Fortune reported Wednesday. Terms of the acquisition remain undisclosed.
The deal, announced today and finalized last week, is the sixth acquisition by the exchange over the past year as it prepares to go public in the US.
Kraken, operating under its parent company Payward, has ramped up its acquisitions since mid-2025, starting with a $1.5 billion purchase of NinjaTrader that marked its entry into the retail futures and traditional trading space.
Other deals include proprietary trading platform Breakout, tokenized equities provider Backed, and derivatives infrastructure firm Small Exchange.
Magna provides token management and distribution infrastructure for top web3 networks, relied upon by premier venture capital firms. Its core product, “Carta for Web3,” allows companies to automate token allocation and incentivize network participants and investors with custom logic.
In September 2022, the platform raised $15 million in a seed round at a $70 million valuation led by Tiger Global and Tusk Venture Partners, with additional support from Shima Capital, Circle Ventures, Solana Ventures, Polygon Ventures, Avalanche Labs, Alchemy Ventures, Galaxy Digital, and notable individuals, including Balaji Srinivasan, Ryan Selkis, and DJ Steve Aoki.
Arjun Sethi, co-CEO of Kraken, told Fortune that the deal enables the exchange to work with token creators at earlier stages of development.
Kraken filed confidentially for an IPO in November 2025 and released select financials in February. The exchange would join several crypto firms that entered public markets in 2025, including BitGo, Gemini, Circle, and Bullish.