New Delhi, July 20 -- NEW YORK - Citadel Securities put $400 million into Crypto.com on Wednesday at a $20 billion valuation, giving the Miami-based crypto exchange its first institutional funding round in ten years of operation and cementing the market-making giant's bet that digital assets are becoming the next layer of financial infrastructure.

The deal is significant less for its size than for its source. Citadel Securities, the trading firm founded by Ken Griffin that executes roughly 25 percent of U.S. equity trades by share volume, does not make strategic investments for symbolic reasons. The firm's first move into crypto exchange equity came in November 2025, when it took a stake in Kraken. The Crypto.com investment, announced We...