Kraken has acquired Magna, a leading platform for managing token distributions. The deal, announced on Wednesday, marks Kraken's sixth acquisition in the past year and underscores the exchange's aggressive growth strategy as it gears up for a public listing.

Details of the transaction, which closed last Friday, were not disclosed by Kraken. Magna specializes in helping crypto startups track and distribute tokens to investors, a process that mirrors equity allocation in traditional ventures but becomes increasingly complex as tokens hit public markets. "This acquisition allows us to engage with token issuers early in their lifecycle, well before they focus on liquidity," said Arjun Sethi, co-CEO of Kraken, in an exclusive interview.

The purchase aligns with Kraken's broader ambitions to diversify beyond spot trading into a comprehensive suite of financial services, including derivatives and tokenized assets. This comes amid a wave of consolidation in the crypto industry, where exchanges are racing to build "everything" platforms. Rival Coinbase, for instance, acquired its own token management tool, Liquifi, in July 2025, though Sethi noted Kraken did not pursue that deal, emphasizing a focus on market structure and issuer lifecycles instead.

Kraken's acquisition spree has been robust: In March 2025, it shelled out $1.5 billion for U.S. futures platform NinjaTrader, followed by deals for tokenized stock provider Backed and derivatives infrastructure firm Small Exchange. Magna, a graduate of Y Combinator's 2022 winter cohort, was last valued at $70 million according to PitchBook data, adding another high-profile asset to Kraken's portfolio.

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