In brief
- Citadel Securities, the market‑making powerhouse founded by billionaire Ken Griffin, has injected $400 million into Crypto.com, valuing the platform at $20 billion.
- The exchange said the funding will accelerate its expansion into tokenized securities and derivatives.
- This transaction marks the latest example of Wall Street’s growing involvement in crypto, following Citadel’s earlier stake in Kraken and investments by firms such as ICE and Nasdaq.
Citadel Securities’ $400 million investment at a $20 billion valuation represents Crypto.com’s inaugural institutional funding round and underscores Wall Street’s deepening embrace of digital assets.
Announced on Thursday, the deal gives the market‑making firm founded by Ken Griffin a stake in the Singapore‑based exchange, which said the capital will hasten its expansion into all asset classes, including tokenized securities and derivatives. Crypto.com, launched in 2016, had never before secured institutional capital.
Kris Marszalek, co‑founder and CEO of Crypto.com, said the opportunity is immense as cryptocurrency increasingly serves as the infrastructure for finance, positioning the investment as a catalyst for a new era of institutional adoption.
Wall Street’s push into crypto infrastructure
This transaction reflects a broader trend of traditional financial firms establishing positions in crypto infrastructure. Citadel Securities previously deployed $200 million into rival exchange Kraken in November, alongside competitor Jane Street. Intercontinental Exchange, owner of the New York Stock Exchange, has acquired a stake in OKX, and Nasdaq has invested $50 million in Gemini.
“The convergence of traditional financial markets with digital asset infrastructure represents an exciting evolution,” said Citadel Securities President Jim Esposito, noting its potential to enhance market efficiency.
The partnership focuses on tokenized securities and derivatives, aiming to move equities, bonds and other assets onto blockchain rails for 24/7 trading. At the same time, pure‑play crypto firms are evolving into full‑service financial platforms; for example, Coinbase introduced U.S. stock trading in February.
A politically connected exchange
Crypto.com ranks 11th in trading volume among exchanges, per CoinMarketCap, and provides crypto, equities and prediction markets to retail investors. In February, it secured conditional approval for a U.S. national trust‑bank charter.
The exchange maintains close ties to the Trump administration, serving as a business partner and investor in Trump Media & Technology Group, contributing millions to a political committee supporting the president, and utilizing its CRO token to fund $1 million in bonuses for winners of a UFC event held on the White House lawn.
Citadel’s investment comes amid a downturn in crypto prices, with Bitcoin down 28% year‑to‑date and the overall crypto market valued at roughly $2.2 trillion, according to CoinGecko.
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