Kraken bags $800M for expansion plans at $20B valuation

Kraken says it’s now valued at $20 billion after an $800 million funding round it said would support the US-based crypto exchange’s global expansion. 

Kraken said on Tuesday that it raised the capital across two tranches, with the second tranche including a $200 million strategic investment from US market-making giant Citadel Securities at a $20 billion valuation.

It also included a strategic partnership with Citadel, which also pitched in to Ripple’s $500 million raise earlier this month, which will see the firm offer Kraken expertise on differentiated liquidity provision, risk management and market structure insights.

Kraken’s primary tranche included backing from Jane Street, DRW Venture Capital, HSG and Tribe Capital, alongside a “significant commitment” from the family office of Kraken Co-CEO Arjun Sethi.

“With this additional capital, we will continue scaling our global operations, deepening our regulated footprint and expanding our product suite — both organically and through targeted acquisitions,” Kraken said.