Crypto▲ Bullish
Citadel Invests $600M in Two Rival Crypto Exchanges
Both Crypto.com and Kraken received Citadel investments at $20B valuations. The market maker now has exposure to both as they push into tokenized assets and derivatives.
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Citadel Securities has $600 million in announced strategic investments across two rival crypto exchanges, Crypto.com and Kraken, each valued at $20 billion.
Crypto.com announced its $400 million deal on July 16. Kraken disclosed a $200 million investment from Citadel on Nov. 18, 2025, at the same valuation. The twin deals give the Wall Street market maker economic exposure to both venues as they expand beyond crypto trading into tokenized securities and derivatives.
Crypto.com called the investment its first institutional funding round in a decade. The exchange said the capital would help expand across asset classes and connect digital-asset markets with traditional finance. Its ambition stretches beyond its existing exchange business toward a broader platform for financial products.
Kraken's earlier raise pointed in the same direction. The exchange said the 2025 deal was meant to speed its strategy of bringing traditional financial products on-chain. Its disclosed collaboration with Citadel includes liquidity provision and risk management expertise.