US Edition

Citadel Securities has invested $400 million in Crypto.com at a $20 billion valuation, the exchange's first institutional round in a decade. Combined with its $200 million Kraken stake and co-lead on Ripple's $500 million round, the market-making giant is systematically acquiring positions across crypto's largest exchange infrastructure. The pattern reveals Wall Street's real playbook: own the pipes, not the coins.