Crypto trade Kraken has prolonged its acquisition streak by shopping for token administration platform Magna as the corporate gears up for an anticipated public market debut.
The deal, introduced Wednesday by Kraken’s guardian firm Payward, brings in a platform utilized by crypto groups to handle token vesting, claims and distributions. It presently serves over 160 shoppers and reported a peak complete worth locked (TVL) of $60 billion in 2025, in accordance with the press launch.
Phrases of the deal weren’t disclosed.
The deal highlights Kraken’s push to grow to be greater than only a crypto trade, increasing its choices forward because the agency is extensively anticipated to go public.
Final yr, it purchased U.S. futures platform NinjaTrader for $1.5 billion, U.S.-licensed derivatives buying and selling venue Small Trade for $100 million. It additionally acquired proprietary buying and selling agency Breakout and tokenized inventory specialist Backed Finance, the issuer behind xStocks.
Kraken raised $800 million in November, a spherical that included Citadel Securities, valuing the agency at $20 billion.
Magna will proceed to function as a standalone platform, however its instruments might be built-in into Kraken’s institutional-facing product suite.
Learn extra: Crypto trade Kraken fires chief monetary officer forward of long-awaited IPO
