Kraken Acquires Token Management Platform Magna

Cryptocurrency exchange Kraken has announced the acquisition of token management platform Magna. The purchase price was not disclosed, though the startup's last valuation stood at approximately $70 million USD ^[1].

This marks the company's sixth acquisition over the past twelve months. Previously, Kraken had already acquired NinjaTrader for $1.5 billion USD ^[1].

Founded in 2021, Magna provides infrastructure for token vesting, airdrops, and the distribution of token allocations both on-chain and off-chain. The platform reached a Total Value Locked (TVL) of $60 billion USD in 2025 ^[1]. Going forward, Magna is set to be integrated as an operational layer within Kraken's ecosystem, connecting fundraising, distribution, and liquidity.

The acquisition aligns with an industry trend: Coinbase and Anchorage Digital have also acquired comparable platforms to secure early control over token issuance and distribution ^[1].

Kraken is preparing for an initial public offering and was most recently valued at $20 billion USD. With revenue of $2.2 billion USD in 2025, the company is strategically expanding its infrastructure ^[1].