Citadel Securities has funneled $600 million into two rival crypto exchanges, putting $400 million into Crypto.com and $200 million into Kraken. The deals, announced July 16, 2026, for Crypto.com and November 18, 2025, for Kraken, value both platforms at $20 billion each. The investments mark one of the biggest direct bets by a traditional market maker on the crypto exchange space.
Crypto.com’s first institutional round in a decade
Crypto.com’s $400 million injection is its first institutional funding round in ten years. The exchange plans to use the cash to accelerate expansion into tokenized securities, derivatives, and to build bridges between digital-asset markets and traditional finance. The timing is notable: Crypto.com has been jockeying for position alongside Binance and Coinbase, and a fresh war chest from a name like Citadel gives it credibility with institutional clients.
Kraken’s $200M raise from last year
Kraken’s deal came earlier, in November 2025. The exchange said the money would speed up its push to bring traditional financial products on-chain and broaden its offerings beyond spot crypto. Kraken also disclosed that it’s collaborating with Citadel on liquidity, risk management, and market structure. That partnership is already in motion — the two firms are working together on the plumbing that makes trading more efficient.
No control, no board seats
Citadel’s investments don’t come with strings attached. The firm didn’t take ownership stakes, board seats, voting rights, or any exclusive commercial terms. In other words, Citadel is a big investor but not a controlling one. That keeps both exchanges independent while still giving Citadel a financial interest in their growth.
Liquidity plans in motion
This isn’t Citadel’s first crypto move. In February 2025, the firm was reportedly preparing to provide liquidity on Crypto.com and other major exchanges, subject to exchange approvals. That plan appears to be alive, though neither side has confirmed a timeline. With $600 million now on the table, the next concrete step will be seeing how these partnerships actually reshape the products each exchange offers — and whether traditional finance clients start flowing in.
