Crypto exchange Kraken has been valued at $20 billion, following a $200 million strategic investment from Citadel Securities.

The investment is part of an $800 million total capital raise aimed at advancing Kraken’s growth and strategic roadmap as it pushes toward an expected IPO, potentially later this year or early 2026.

This story is an excerpt from the Unchained Daily newsletter.

Citadel Securities’ involvement will bring liquidity provision and risk management expertise, while Kraken plans to use the funds to expand beyond the U.S. and develop new payment products.

Kraken earned $648 million in Q3 revenue, marking a 50% increase over the last quarter, while transaction volume across the platform hit $576.8 billion over the same period.