Ken Griffin’s firm acquired the majority of Situational Awareness’s leveraged public-stock portfolio, valued at up to $16 billion, in a deal that closed around July 30, 2026. How Situational Awareness went from 439% returns to near-collapseSituational Awareness was, until very recently, the kind of fund that made other hedge fund managers quietly furious. By the time the dust settled, Situational Awareness’s assets had cratered to around $10 billion, a roughly 67% drawdown in a single month. Citadel Securities’ separate crypto playIn an unrelated move, Citadel Securities made a $400 million strategic investment in Crypto.com at a $20 billion valuation. Citadel Securities is Griffin’s market-making arm, distinct from the hedge fund.