Global market making giant Citadel Securities has shifted its attitude towards cryptocurrency assets from avoidance to comprehensive layout in less than three years, from disdain to genuine appreciation. Why has "Castle Securities" changed? Kraken has raised $800 million in funding, Ripple has received $500 million in investment, and Canton Network has secured $135 million - behind these three most significant financing rounds of the year, the name Citadel Securities has emerged. The turning point of this global leading market maker's path is very typical: from refusing to participate in cryptocurrency in 2021, to publicly admitting in 2022 that "they saw the wrong direction", and then to jointly building the institutional exchange EDX Markets with Fidelity and Jiaxin Wealth Management; After entering 2025, its strategy has upgraded from "testing the waters" to "deep positioning". The first layer of layout is market making business. Citadel plans to directly provide liquidity to mainstream exchanges such as Coinbase, Binance, and http://(Crypto. com), replicating its market making capabilities in the stock, forex, and interest rate markets to the cryptocurrency market. There is still uncertainty in US regulation, and it has chosen to first form a team overseas while serving as an authorized participant in the BlackRock Bitcoin ETF in the US. The second layer involves significant strategic investments in critical infrastructure. Kraken's valuation has risen to $20 billion, Ripple's valuation has reached $40 billion, and Canton Network has attracted traditional financial giant platforms - the logic behind Citadel's participation is very clear: stablecoins determine the future of on chain US dollars, exchanges determine the liquidity hub, and RWA determines how traditional assets are natively on chain. The third layer is the 'red line awareness' in compliance. Despite betting heavily on Web3, Citadel still explicitly opposes the "tokenization stock exemption" in regulatory discussions, believing that regulatory arbitrage is harmful to the market. This also means that it is betting on institutionalized and standardized on chain finance, rather than narrative driven asset experiments. From assets, exchanges to stablecoin foundations, Citadel Securities has almost completely established a crypto version of the 'Wall Street investment banking model'. Former skeptics are becoming a key force in reshaping the industry landscape.