Kraken Acquires Magna as It Prepares for IPO

Kraken has acquired token management platform Magna, marking the exchange’s sixth deal in roughly a year. The acquisition closed Friday, and the terms were not disclosed. Recent moves by the firm include the $1.5 billion purchase of US futures platform NinjaTrader and deals for tokenized stock provider Backed and derivatives firm Small Exchange.

Magna helps crypto companies manage the distribution of tokens to investors, a process that becomes more complex as projects scale and tokens begin trading publicly. "This would just add to being able to reach out and start supporting [token] issuers early on in their lifecycle, rather than later at the time they’re thinking about liquidity within their token," wrote Kraken co‑CEO Arjun Sethi in the announcement.

The acquisition aligns with Kraken’s strategy to expand product offerings ahead of a prospective IPO, for which the firm reportedly aims to raise $500 million at a $15 billion valuation.

kraken, magna, acquisition, ipo, token management, token distribution, arjun sethi, ninjatrader, tokenized stock, 15 billion