KRAKEN ACQUIRES TOKEN MANAGER MAGNA AHEAD OF IPO PUSH
Kraken has purchased Magna, a token management platform for cryptocurrency companies, the exchange announced Wednesday. The deal closed Friday, with terms undisclosed.
The acquisition marks Kraken's sixth deal in the past year as the exchange accelerates product expansion before going public. In March, Kraken paid $1.5 billion for NinjaTrader, a U.S. futures platform. Co-CEO Arjun Sethi told Fortune the Magna purchase allows Kraken to "reach out and start supporting token issuers early on in their lifecycle, rather than later at the time they're thinking about liquidity."
Magna helps crypto companies manage token distribution to venture capital investors—a critical function as recipient lists grow and tokens enter trading. The platform essentially tracks who owns what across complex token allocations.
Kraken's move mirrors a broader consolidation wave: BitGo, Gemini, Circle, and Bullish all went public in 2025. Kraken filed confidentially for its own IPO in November and released partial 2025 financials in February.
For CFOs evaluating crypto infrastructure, the acquisition signals Kraken's bet that token issuance and management will be a core revenue driver post-IPO. Watch for whether Kraken bundles Magna's services into its public offering narrative.
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