Kraken raises $800 million and is valued at $20 billion in capitalization

Increase 5 billion USD capitalization in 60 days?

Kraken’s fundraising journey was a whirlwind two-step process. Its September primary funding round, a $600 million equity offering at a $15 billion valuation, attracted blue-chip investors including quantitative trading giant Jane Street, market maker DRW Venture Capital, HSG (formerly Sequoia China), Oppenheimer Alternative Investment Management, Tribe Capital, and the family office of Arjun Sethi (Kraken’s co-CEO).

This round, Kraken’s first major external funding since a total of $27 million raised before 2025, underscores the shift from organic growth to aggressive scaling.

Citadel Securities, Ken Griffin's giant market-making firm with $7 trillion in annual trading volume, has committed an additional $200 million in a strategic follow-on round, bringing its valuation to $20 billion—a 33% jump in less than two months.

Co-CEO Jesse Powell joked in the announcement: “ From a total of $27 million raised since 2011 to $800 million in two months — proof that sustainable returns ($1.5 billion in revenue by 2024, crossed in Q3 2025) have surpassed the hype. ”

The surprise profit accelerates Kraken's roadmap - a $100 million acquisition of Small Exchange for US futures, the launch of crypto assets, and global expansion to over 200 countries.

Citadel Securities Factor

Citadel Securities' participation in Kraken's funding round is particularly significant.

Citadel is one of the largest market makers in the global equity, options and bond markets, responsible for handling nearly 20% of all equity trading volume in the United States. The company’s alliance with Kraken brings immense prestige and signals a shift in how traditional financial giants view cryptocurrency exchanges.

Analysts believe Citadel's involvement is driven by three long-term strategic benefits:

• The structure of the cryptocurrency market is similar to that of early stock markets — ready for complex liquidity provision.

• Tokenizing assets (stocks, bonds, commodities) will require exchanges with high legal reputation.

• Institutional liquidity pools are moving to transparent and compliant trading platforms — an area where Kraken is well-positioned to dominate.

Citadel's involvement is a clear message: cryptocurrencies are becoming part of the mainstream market infrastructure, not a parallel system.

Our view

Kraken's ability to raise $800 million during a period of global macro uncertainty reflects two macro trends:

• Cryptocurrency exchanges are evolving into full-fledged financial institutions, not speculative trading platforms.

• Institutional capital is consolidating around a handful of compliant, scalable, and trustworthy exchanges.

Citadel's involvement elevates Kraken from a major exchange to a systemically relevant market platform — one that traditional finance now sees as a key part of the future financial architecture.

If Kraken is successful, it could become one of the global pillars of the digital asset market structure, equivalent to CME, NASDAQ or ICE in traditional markets.

Disclaimer: The information presented in this article is the author's personal opinion in the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.