Yesterday Crypto.com announced a $400 million strategic investment from Citadel Securities, valuing the exchange at $20 billion. It is the first institutional funding round in the company’s ten-year history. The capital is earmarked for expansion beyond crypto into all asset classes, including tokenized securities and derivatives.

It is Citadel Securities’ second stake in a major retail crypto exchange in under a year. In November 2025 the market maker invested in Kraken’s $800 million funding round alongside Jane Street and DRW, also at a $20 billion valuation. That represents a change of posture. Citadel Securities made its first moves in digital assets in a controlled…