Citadel commits $600M to Crypto.com and Kraken at matching valuations

Citadel Securities has now disclosed $600 million of strategic investments across two crypto exchange rivals, a sign that Wall Street market makers want exposure to the next phase of exchange growth, not just spot crypto trading.

Crypto.com said on July 16 that Citadel invested $400 million in what it described as its first institutional funding round in a decade. The exchange said the money should help it expand into more asset classes, including tokenized securities and derivatives, and build links between digital asset markets and traditional finance.

Kraken had already announced a $200 million Citadel investment on Nov. 18, 2025, also at a $20 billion valuation. Kraken said that raise would support its push to bring traditional financial products on-chain and widen its business beyond crypto. It also disclosed a more defined working relationship with Citadel, including liquidity provision, risk management support, and market structure input.

The matching $20 billion valuations leave Citadel economically exposed to two competitors chasing the same multi-asset opportunity. Neither deal gives Citadel control, and neither company disclosed ownership percentage, board seats, voting rights, or exclusive commercial terms. Crypto.com has not outlined an operating role for Citadel like the one Kraken described.