Citadel Securities just wrote a $400 million check to Crypto.com, valuing the Singapore-based exchange at $20 billion. That puts it at roughly half the market cap of Coinbase, which currently sits around $42-43 billion, and cements Crypto.com as one of the most valuable private companies in the digital asset space.
Here’s the thing: this is Crypto.com’s first institutional funding round. Ever. A company founded in 2016 that has been largely self-funded for nearly a decade just landed one of the biggest names in traditional finance as a backer.
Citadel’s crypto exchange shopping spree
If this deal feels familiar, it should. Citadel Securities made a $200 million investment in rival exchange Kraken back in November 2025, also at a $20 billion valuation. Ken Griffin’s firm is essentially building a portfolio of crypto exchange stakes.
The investment in Crypto.com will focus on tokenized securities, derivatives, real-world assets, and enabling round-the-clock trading infrastructure. The collaboration will center on liquidity provision and market structure improvements.
