Citadel Securities to Enter Crypto Trading After Being Endorsed by Trump

Ken Griffin’s market-making powerhouse, Citadel Securities, is set to explore becoming a liquidity provider for cryptocurrencies, banking on President Donald Trump’s adoption of the sector to stimulate a surge in this asset class.

This marks a significant shift from the firm’s earlier conservative approach to crypto market-making. Citadel Securities has maintained a minimal footprint in cryptocurrency trading, having avoided exchanges popular with retail traders due to the absence of regulations surrounding the sector in the US.

The firm intends to join the list of market makers across various exchanges, including those owned by Coinbase Global, Binance Holdings, and Crypto.com, according to individuals acquainted with the situation.

Upon receiving approval on these exchanges, Citadel plans to establish market-making teams outside of the US, as per the sources who requested anonymity due to the private nature of the plans. The scope of this initiative and Citadel’s level of enthusiasm may evolve based on the potential introduction of new regulations in the forthcoming months.

Citadel Securities, based in Miami, has not provided an immediate statement.

To date, Citadel Securities has predominantly stayed away from major crypto platforms popular with retail investors. Following the collapse of Sam Bankman-Fried’s FTX in 2022, crypto exchanges faced criticism for failing to segregate businesses — such as custody, market-making, and trading — which can lead to conflicts of interest and fund manipulation.

To create a degree of certainty and serve institutional clients, Citadel Securities partnered with brokerage firms like Charles Schwab and Fidelity Investments to develop an exchange exclusively for institutional investors which reflects the asset handling and settlement practices of stock and bond markets. This platform, EDX Markets, launched in 2023, offers crypto products for institutional trading only.

Citadel Securities and various other financial institutions have been advocating for regulators to establish guidelines governing investments in digital assets, providing a framework for institutional involvement. If the US moves forward with such regulations, Citadel aims to be prepared to supply liquidity for trading digital assets, akin to its operations in equities and fixed income markets, the sources noted.

‘Crypto capital’

The financial sector is preparing for increased activity in digital assets under the upcoming Trump administration.

During his campaign, Trump vowed to position the US as the “crypto capital of the planet,” and since assuming office, he has worked to revise rules that limited activity during President Joe Biden’s tenure. Trump quickly issued an executive order addressing digital assets, and the US Securities and Exchange Commission initiated a crypto-focused task force led by Hester Peirce, a long-time proponent of the industry.

Citadel Securities has evolved from a small unit alongside Griffin’s hedge fund into a global trading powerhouse, not only in US-listed markets but also in international ones, expanding its footprint into products favored by investment banks under CEO Peng Zhao’s leadership. The firm operates as a market maker in equities, options, corporate bonds, Treasuries, and exchange-traded funds.

However, unlike its trading competitors, the firm has steered clear of the crypto market-making arena. Jane Street Group, renowned for its leadership in ETF and corporate bond markets — which form the bulk of its operations — has been conducting crypto trades since 2017. Meanwhile, Jump Crypto established its own crypto unit to become one of the leading market makers in the digital asset space.

Both firms, however, diminished their crypto trading efforts in the US following a regulatory clampdown in 2023. A wave of crypto investigations in the US prompted companies to explore financial centers abroad, such as Dubai, Singapore, and Hong Kong. Jump and Jane Street have continued some level of crypto market-making, albeit on a reduced scale, maintaining their commitment to the asset class.

© 2025 Bloomberg

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