Kraken, a major US-based crypto exchange, has acquired Magna, a platform specializing in token distribution and management tools for digital asset companies, Fortune reported Wednesday. The deal, announced today and finalized last week, is the sixth acquisition by the exchange over the past year as it prepares to go public in the US.
Financial terms were not disclosed. Magna was valued at $70 million in its most recent funding round, according to PitchBook.
The platform provides token management and distribution infrastructure for top web3 networks, relied upon by premier venture capital firms. Its core product, “Carta for Web3,” allows companies to automate token allocation and incentivize network participants and investors with custom logic.
Arjun Sethi, co-CEO of Kraken, told Fortune that the deal enables the exchange to work with token creators at earlier stages of development.
The acquisition follows Kraken’s $1.5B purchase of NinjaTrader, a US futures platform, in March 2025. Other recent deals include tokenized equities provider Backed and derivatives infrastructure firm Small Exchange.
Kraken filed confidentially for an IPO in November 2025 and released select financials in February. The exchange would join several crypto firms that entered public markets in 2025, including BitGo, Gemini, Circle, and Bullish.
This is a developing story.
