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Citadel commits $600M to back Crypto.com and Kraken at $20B valuations

Citadel Securities says its capital is aimed at expanding into tokenized securities and derivatives, while neither exchange disclosed control rights for the market maker.

Reported · Written up by our desk · Market Structure

Citadel Securities, the Wall Street market maker, has announced $600 million in strategic investments across two rival crypto exchanges, with both venues valued at $20 billion. Crypto.com disclosed a $400 million deal on July 16, 2026, while Kraken previously said it had an executed agreement for a $200 million investment on Nov. 18, 2025.

Taken together, the funding gives Citadel economic exposure to both exchanges as they broaden beyond crypto trading. Crypto.com described its round as its first institutional funding in a decade, and said the capital is expected to accelerate expansion across asset classes, including tokenized securities and derivatives.

Kraken said its 2025 raise was meant to speed its strategy to bring traditional financial products on-chain and expand offerings beyond crypto. It also described collaboration with Citadel that includes differentiated liquidity provision, risk-management expertise, and market-structure insights.

Neither announcement says Citadel will control either exchange, and the disclosures do not reveal ownership stakes, board seats, voting rights, or any exclusive commercial terms. Crypto.com also did not describe hands-on operational roles comparable to what Kraken outlined, leaving the scope of Citadel’s involvement tied to future disclosures.

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