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Apollo, HSG, Jane Street Join Kraken’s $500 Million Fundraising Round Valued at $15 Billion

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Major financial players Apollo Global Management, Oppenheimer, Jane Street, and HSG — formerly Sequoia Capital China — have invested in crypto exchange Kraken’s September funding round that valued the company at $15 billion, according to two people familiar with the deal.

The $500 million fundraising, first reported by Fortune, marks one of the largest private rounds in the crypto sector this year. Reuters has now confirmed the participation of these heavyweight investors, signaling rising institutional confidence in digital assets amid a friendlier U.S. regulatory climate under President Donald Trump’s administration.

Other participants included Qube Research & Technologies, Kraken’s co-CEO Arjun Sethi, and Tribe Capital, a venture capital firm co-founded by Sethi. The round is seen as a precursor to Kraken’s initial public offering (IPO), expected to be filed confidentially with the U.S. Securities and Exchange Commission (SEC) before year-end, with a potential listing in the first quarter of next year — though the timeline could be affected by the ongoing government shutdown.

The funding highlights the growing institutional embrace of crypto. Kraken, one of the world’s largest cryptocurrency exchanges, has been expanding aggressively through acquisitions: it bought NinjaTrader, a retail futures trading platform, for $1.5 billion in May, and recently acquired Small Exchange from IG Group for $100 million, strengthening its U.S.-based derivatives business.

The move comes amid a wave of crypto IPOs this year from firms like Circle, Gemini, and Bullish, which have capitalized on renewed optimism in the digital asset market.

Institutional enthusiasm has also helped lift crypto prices, with Bitcoin up over 20% this year, reaching a record high above $126,000 in October.

The involvement of Wall Street and Asia’s top investors in Kraken’s latest round underlines a broader shift: crypto is no longer a fringe asset — it’s becoming part of the mainstream financial ecosystem.

FalconX Acquires 21shares to Strengthen Crypto ETF Business Amid Expanding Market

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FalconX, a leading digital assets trading firm, announced on Wednesday that it will acquire crypto investment manager 21shares for an undisclosed amount, marking a major expansion into the exchange-traded funds (ETF) market as cryptocurrency investment vehicles gain momentum globally.

The acquisition comes just weeks after the U.S. Securities and Exchange Commission (SEC) cleared the last hurdles for a wave of new spot cryptocurrency ETFs, extending beyond bitcoin and ether to assets like solana and dogecoin.

Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21shares manages over $11 billion in assets across multiple crypto investment products. The company is known for pioneering exchange-traded products that give traditional investors regulated access to digital assets.

FalconX, which reached an $8 billion valuation in a 2022 funding round, has facilitated more than $2 trillion in trading volume and serves over 2,000 institutional clients worldwide. The firm said it will use 21shares’ ETF experience and brokerage infrastructure to accelerate the development of regulated crypto investment products.

“With the SEC streamlining listing pathways, this sets them up to be both the pit crew and the driver as the market moves beyond only bitcoin and ether wrappers,” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors.

Analysts say the deal positions FalconX at the forefront of the next wave of crypto ETFs, which are expected to diversify into multiple tokens as the market matures. However, potential challenges loom, including a possible U.S. government shutdown that could slow ETF approvals, and volatility following renewed U.S.-China trade tensions that recently triggered the crypto sector’s largest selloff ever.

By combining FalconX’s institutional trading reach with 21shares’ ETF management expertise, the merger could create one of the strongest players in the crypto-finance ecosystem, bridging the gap between traditional finance and digital asset innovation.

Japan Weighs Allowing Banking Groups to Offer Crypto Trading Services

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Japan’s Financial Services Agency (FSA) is considering a major regulatory shift that would allow banking group subsidiaries to launch cryptocurrency trading services, according to a report by Nikkei on Wednesday. The move aims to expand market access and boost competition in Japan’s fast-growing digital asset industry.

Currently, subsidiaries of banking groups are barred under the Banking Act from registering as crypto asset service providers. The proposed revision would enable securities subsidiaries of banking groups to handle crypto trading, putting them on an even playing field with existing operators tied to securities companies, such as Rakuten Wallet and SBI Holdings’ crypto unit.

The FSA is also reportedly reviewing the long-standing ban on banks investing directly in cryptocurrencies, potentially allowing financial institutions to buy and hold crypto assets as part of their portfolios.

Officials have emphasized that any regulatory changes will be accompanied by strict consumer protection rules, requiring bank-affiliated firms to clearly explain the volatility and risks of crypto investments to retail investors.

The proposed reforms come as Japan seeks to strengthen its position as a regulated global crypto hub, balancing innovation with investor safety. The FSA has not yet issued an official comment, but the policy shift could reshape Japan’s financial sector by integrating traditional banking and digital asset markets more closely than ever before.