Citadel Securities backs Crypto.com with $400 million

Citadel Securities has invested $400 million in cryptocurrency exchange Crypto. com, valuing the Singapore-based trading platform at $20 billion as established financial groups deepen their involvement in digital assets.

The strategic investment will support Crypto. com’s expansion beyond cryptocurrency trading into tokenised securities, derivatives and other blockchain-based financial products. The transaction also gives the exchange a powerful institutional partner with extensive expertise in liquidity provision, pricing and electronic market infrastructure.

Crypto. com co-founder and chief executive Kris Marszalek said digital assets were increasingly becoming part of the infrastructure supporting mainstream finance. The company sees tokenisation—the creation of blockchain-based representations of assets—as a major growth area as banks, exchanges and asset managers examine faster and potentially cheaper ways to issue, trade and settle securities.

The deal marks another step in Citadel Securities’ shift towards cryptocurrency markets. The market-making firm, founded by billionaire Ken Griffin, was once cautious about the sector but has expanded its exposure as regulations become clearer and institutional demand grows.

Citadel Securities invested $200 million in cryptocurrency exchange Kraken in November 2025. That transaction formed part of an $800 million fundraising completed in two stages and valued Kraken at $20 billion. The firm also participated in a $500 million investment in payments and stablecoin company Ripple, which secured a valuation of $40 billion.

The Crypto. com investment is larger than Citadel Securities’ commitment to Kraken and signals a broader strategic interest in exchanges capable of combining cryptocurrency markets with conventional financial products. Crypto. com already offers access to digital currencies, shares and prediction markets, giving it a platform from which to compete for customers seeking multiple asset classes through a single account.

Crypto. com ranks among the world’s leading cryptocurrency exchanges, although its trading volume remains below that of Binance, Coinbase and several other large platforms. The company has built its international profile through aggressive marketing, sports sponsorships and regulatory applications across major markets.

Its push into regulated financial services has gathered momentum in the United States. The company received conditional approval in February for a national trust bank charter, an important step towards providing federally supervised custody and related services to institutional clients.

The expansion comes as cryptocurrency businesses seek more dependable revenue sources after years of relying heavily on volatile retail trading. Custody, derivatives, tokenised assets, payments and institutional execution are increasingly viewed as businesses capable of generating steadier income.

Traditional financial institutions are also competing for positions in the sector. Intercontinental Exchange, the owner of the New York Stock Exchange, has taken a stake in crypto exchange OKX, while Nasdaq has invested $50 million in Gemini. Several banks and trading companies have expanded digital-asset desks or developed services linked to stablecoins and tokenised securities.

Tokenisation has become a central focus because it could allow assets such as shares, bonds, funds and property interests to be represented and transferred on distributed ledgers. Supporters argue that the technology can shorten settlement times, improve transparency and enable round-the-clock trading.

The model nevertheless faces regulatory and operational obstacles. Authorities must determine how existing securities, custody and investor-protection rules apply when conventional assets are issued or traded through blockchain networks. Questions also remain over interoperability, cybersecurity, legal ownership and the treatment of transactions conducted across borders.

Crypto. com’s relationship with Citadel Securities could help it address some of those challenges by strengthening institutional liquidity and market structure. Citadel Securities handles large volumes of trading across equities, fixed income, options and other markets, using automated systems to quote prices and connect buyers with sellers.

The investment may also intensify competition among privately held crypto exchanges. Platforms are racing to secure regulatory licences, diversify their products and attract professional investors as the distinction between digital-asset trading and conventional finance becomes less pronounced.

Crypto. com has also developed business and investment links with Trump Media & Technology Group and has increased its presence in prediction markets and sports promotions. Those connections have attracted political and ethical scrutiny in Washington, particularly after regulatory pressure on the company eased following the change of administration.

Citadel Securities’ backing gives Crypto. com additional capital to pursue licences, technology development and acquisitions. It also provides the exchange with a valuation benchmark comparable to Kraken’s, while leaving both companies below publicly traded Coinbase, whose market value remains significantly higher.