rewrite this title Morning Minute: Citadel Securities Invests $400M in Crypto.com – Decrypt

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt

GM!

Today’s top news:

Crypto majors fall alongside stocks as chips selloff continues; BTC at $63.2k
Citadel Securities invests $400M in Crypto dot Com at $20B valuation
Polygon Labs announces layoffs as it pivots to blockchain payments
Visa launches stablecoin platform backing Open USD
Robinhood Chain rotations continue as INDEX surges, other leaders sell off

🏦 Citadel Securities Invests $400M in Crypto.com at a $20 Billion Valuation

Citadel Securities made a $400 million strategic investment in Crypto.com, valuing the Singapore-based platform at $20 billion. It’s the exchange’s first institutional funding round since it was founded a decade ago, and Crypto.com says the capital will fund its expansion into tokenized securities, derivatives, prediction markets, and other real-world assets.

Citadel Securities, the Ken Griffin-founded firm that handles a huge share of all U.S. equity trading, spent years on the sidelines of crypto and only cautiously entered market-making in the space. It comes just eight days after Citadel dropped a long-running crypto lawsuit, so the firm is clearly done being a reluctant participant. CEO Kris Marszalek framed the opportunity bluntly, saying its size is “staggering, as crypto increasingly becomes the rails for finance.”

The convergence of Wall Street and crypto has become abundantly clear, and today alone proved it:

Alpaca raised $135 million for tokenized-stock infrastructure
Visa launched a stablecoin platform backing Open USD
Keyrock acquired BlockFills, and
The DTCC put tokenized stocks and Treasurys into live production.

The same institutions that spent a decade dismissing crypto are now paying up to own the infrastructure, and they’re all pointed at the same target, tokenization and 24/7 markets. They’re not buying Bitcoin here. They’re buying the rails.

🌎 Macro Crypto and Markets

Crypto majors are red, down 2-3%; BTC -1% at $63.2k; ETH -2.5% at $1,835; SOL -2% at $75; HYPE -8% at $60
PI (+8%), CRO (+6%) and XDC (+3%) led top movers
Oil +2% at $81; Gold -1% at $3,997
Stock futures are deep red as the chip selloff continues; DOW -0.6%, Nasdaq -1.7%
Visa launched a stablecoin platform backing Open USD, piling more competitive pressure on Circle as the payments giants line up behind the 140-firm consortium
Alpaca raised $135 million to build tokenized-stock infrastructure
Keyrock acquired BlockFills’ trading assets, expanding the market maker’s institutional crypto business through consolidation
An open-standards body for AI payments launched, aiming to build a financial system for AI bots to transact autonomously, the latest push into agentic commerce
Galaxy launched institutional stablecoin-yield vaults, targeting DeFi returns for institutions chasing yield on idle stablecoins
Polygon Labs announced layoffs as it pivots from a blockchain foundation to a blockchain payments company, with CEO Marc Boiron saying it’s in the final stage of acquiring Coinme and targeting profitability in 2027

Corporate Treasuries & ETFs

Meme Coin Tracker

Meme leaders were mostly red; DOGE -2%, SHIB -1%, PEPE even, PENGU -1%, TRUMP -1%, BONK -8%
Robinhood chain tokens were mostly red and down another 30-50% across the board; INDEX (+85%) and RWA (+400%) were notable movers
Solana leaders included Jimothy (+30x) and HBULL (+45%); ANSEM +10% to $190M

💰 Token, Airdrop & Protocol Tracker

🚚 What is happening in NFTs?

NFT leaders were slightly red; Punks -1% at 32 ETH, BAYC -1% at 8.87 ETH, Pudgy -4% at 4.26 ETH; Hypurr’s even at 188 HYPE
Azuki (+11%) and The Pup Cup (+170%) led top movers