Kraken has purchased the token management platform Magna, the crypto exchange announced on Wednesday. Kraken declined to disclose the terms of the acquisition, which closed on Friday. It’s the exchange’s sixth deal over the past year, including its $1.5 billion purchase of the U.S. futures platform NinjaTrader in March.
Magna helps crypto companies manage the distribution of their cryptocurrencies. When crypto startups raise money from venture capitalists, they often promise investors a tranche of tokens, much like traditional startups give VCs equity. As the list of recipients grows, it grows more complicated to keep track of who owns what, especially once the tokens are trading live. That’s why companies turn to Magna, Arjun Sethi, co-CEO of Kraken, told Fortune.
“This would just add to being able to reach out and start supporting [token] issuers early on in their life cycle, rather than later at the time they’re thinking about liquidity within their token,” he said in an interview, about why his exchange pursued Magna.
Growing product list
Kraken’s latest deal comes as the company continues to build out its product suite before it goes public. The exchange would join a growing crop of crypto firms like BitGo, Gemini, Circle, and Bullish, all of which launched IPOs in 2025.
