Kraken buys token vesting platform Magna, which hit peak TVL of $60 billion in 2025

Crypto exchange Kraken is furthering its acquisition spree with the purchase of token management platform Magna, according to an announcement on Wednesday. This marks the exchange’s sixth acquisition over the past 12 months, including its at-the-time record-breaking $1.5 billion purchase of the U.S. futures platform NinjaTrader.

Terms of the Magna deal were undisclosed. The startup was last valued at $70 million in its most recent funding round, according to Pitchbook data.

Launched in 2021 and developed as part of the Y Combinator 2022 winter cohort, Magna is a token management platform designed to handle vesting schedules, airdrops, and asset allocations for token distributions.

"Magna has already become a core piece of infrastructure for teams managing billions of dollars in active token ecosystems, supporting both onchain and offchain operations across multiple chains," a Kraken release reads. "It is expected to serve as an operational layer within Kraken’s broader vision, bringing established tooling for onchain and offchain vesting, white-label token claims, custody and escrow workflows, specialized staking functionality and more."

Magna reportedly hit a peak Total Value Locked of $60 billion in 2025. Fortune first reported the acquisition news.

Competitive landscape

Kraken is not the only major crypto company looking to move into token lifecycle management. Anchorage Digital acquired Hedgey, a solutions provider for managing token allocations, distributions, and vesting schedules, in December, while exchange rival Coinbase bought Liquifi last summer.

The move comes as Kraken gears up for an initial public offering, including filing for a confidential registration in November, shortly after raising additional funds at a $20 billion valuation. In January, KRAKacquisition, a Kraken-linked special purpose acquisition company, raised an upsized $345 million IPO and listed on Nasdaq.

Kraken parent company Payward reported $2.2 billion in adjusted revenue for 2025, a 33% year-over-year increase, according to financials released earlier this month. Co-CEO Arjun Sethi at least partially attributed the firm’s revenue growth to the acquisitions of the TradFi derivatives platform NinjaTrader and the crypto-native proprietary trading firm Breakout, as well as the rollout of the Krak app in June and the expansion of derivatives options in the EU and UK.

"If we do not build reliable lifecycle infrastructure, markets consolidate around whoever controls distribution and access," Sethi said. "With Magna, we are investing in open, chain aware infrastructure that engages builders earlier and connects fundraising, distribution, and liquidity into a single operating layer. The goal is simple. Help projects move from idea to execution with clarity and measurable outcomes, without locking them into one stack."