Kraken has acquired a token management platform, Magna, as it ramps up its deal-making pace. The company announced the acquisition on Wednesday. The acquisition is the latest in a series of deals that seek to expand the company’s infrastructure as it faces stiff competition in the digital asset market.
The company did not disclose the acquisition terms. However, data from PitchBook shows that the company raised $70 million in its last funding round. Fortune first reported the acquisition.
The company was founded in 2021 and was a member of the Y Combinator winter cohort in 2022. The company develops infrastructure for token vesting, airdrops, and token distribution. The company helps teams that operate on-chain and off-chain token infrastructure on multiple blockchains.
Kraken Integrates Magna to Strengthen Token Infrastructure
Kraken said Magna already plays a key role for projects with large token ecosystems. The company plans to integrate the platform as an operational layer. It will simplify token infrastructure for early-stage companies.
The company had a peak TVL of $60 billion in 2025. The company’s tools are also popular among companies that have to deal with automated vesting and token allocation.
This acquisition is the latest in the exchange’s acquisition spree. The exchange has acquired six businesses over the last year. The biggest acquisition for the exchange is the $1.5 billion purchase of NinjaTrader. The exchange also acquired the crypto-native trading firm Breakout as part of the expansion.
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Kraken is looking to go public. The company filed for a confidential registration statement in November. The company previously raised new capital at a $20 billion valuation.
Revenue Growth Fuels Kraken’s Expansion
In January, the company’s special-purpose acquisition company, KRAKacquisition, raised $345 million through an IPO and began trading on the Nasdaq.
The parent company of the exchange, Payward, reported $2.2 billion in adjusted revenue for 2025. The reported revenue increased 33% from the prior year. The company’s co-CEO, Arjun Sethi, attributed the increased revenue to the company’s acquisition and product launch activity.
According to Sethi, infrastructure is important in the token lifecycle. The executive also stated that the distribution system controls access. They provide projects with infrastructure, but they don’t require the use of any technology stack.
Other companies are also adopting the same strategy. Anchorage Digital acquired Hedgey in December last year. Coinbase acquired Liquifi last summer. This is an indication of the high level of competition in the business.
Also Read: Kraken Parent Payward Posts $2.2 Billion Revenue In FY 2025 Amid Platform Expansion