Kraken, the cryptocurrency exchange, raised $800 million in the second tranche of a two-part funding round, valuing the company at $20 billion.
The fresh capital will accelerate Kraken’s efforts to bring traditional financial products on-chain, expanding its product suite both organically and through targeted acquisitions.
The company also aims to deepen its regulated footprint and extend its reach into new markets across Latin America, Asia Pacific, Europe, the Middle East and Africa while broadening offerings beyond crypto.
Kraken disclosed that Citadel Securities invested $200 million in one of the two most recent tranches.
Citadel Securities President Jim Esposito said the firm is excited to support Kraken’s continued growth as it helps shape the next chapter of digital innovation in markets.
Kraken Co-CEO Arjun Sethi said, “Our focus has always been straightforward: to create a platform where anyone can trade any asset, anytime, anywhere.”
The announcement followed reports that Kraken was valued at $15 billion in a September funding round that raised $500 million.
In October, Kraken also announced the acquisition of Small Exchange, a CFTC-licensed designated contract market, for $100 million, a move that expands its trading infrastructure and underpins plans to launch a fully U.S.-native derivatives product suite.
In September, Kraken acquired Breakout to broaden its product suite for advanced traders, which allows qualified traders to access up to $200,000 in notional capital by passing a rigorous evaluation and maintaining performance above predefined drawdown limits.
In August, Kraken bought Capitalise.ai, a trading automation firm whose natural language platform translates everyday text into executable trading strategies, and Kraken said it will add this functionality to its Kraken Pro product.
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