Citadel Securities Invests Big in Rival Crypto Exchanges

Citadel Securities has invested $600 million in two rival crypto exchanges, Crypto.com and Kraken, each valued at $20 billion. The investments give Citadel exposure to both exchanges as they expand beyond crypto trading.

Crypto.com announced its $400 million deal on July 16, 2026, while Kraken disclosed an executed agreement for a $200 million investment in November 2025. Both deals are part of the exchanges' strategy to bring traditional financial products on-chain and broaden their offerings beyond crypto.

Kraken's collaboration with Citadel includes differentiated liquidity provision, risk management expertise, and market structure insights. The identical valuations of both exchanges give Citadel a potential economic advantage as they pursue the same multi-asset market.