Key points
- Citadel Securities posted a record $7.3 billion in second-quarter trading revenue, more than triple a year earlier, Bloomberg reports.
- Net income rose more than 250% to $3.3 billion.
- Jane Street lost about $15 billion in July, its first down month in about a decade, but still tops $40 billion for the year.
Citadel Securities generated a record $7.3 billion in net trading revenue in the second quarter, more than triple what it took in during the same period last year, Bloomberg reported Thursday. Net income climbed more than 250% to $3.3 billion.
Citadel Securities is the market-making firm founded by Ken Griffin in 2002. It says it handles more than a third of all US retail stock trading. It's also a separate company from Citadel, the hedge fund Griffin runs, which bought most of Leopold Aschenbrenner's stock portfolio in late July.
The growth came from the firm's push into high-touch equities trading, where it handles block trades for hedge funds, asset managers, and pension funds, according to the report. A block trade is a single large order negotiated privately instead of routed to the open market. That business puts the firm in direct competition with Goldman Sachs (GS) and JPMorgan Chase (JPM). Citadel Securities is also moving deeper into fixed income, adding corporate debt trading that starts with investment-grade bonds.
The quarter follows a record $4.3 billion in trading revenue in the first quarter, which Bloomberg reported in May. That puts first-half trading revenue at $11.6 billion, within reach of the $12.2 billion the firm made in all of 2025, its best year on record.
What happened at Jane Street in July?
Jane Street Group has taken in more than $40 billion in net trading revenue this year through mid-August, per the same Bloomberg report. That already tops the $39.6 billion Wall Street record it set across all of 2025.
Jane Street lost about $15 billion in July, its first monthly decline in about a decade. The firm holds an investment in Situational Awareness, the AI-focused hedge fund Aschenbrenner runs, and when the fund came close to collapse in late July and dragged asset prices down with it, Jane Street took the hit. The fund lost about 67% that month, and the SEC has since subpoenaed four Wall Street banks over the episode.
Hudson River Trading had the biggest quarter of the three. The firm posted $11.4 billion in second-quarter trading revenue, more than four times what it made a year earlier, and this month it signed a multibillion-dollar AI cloud deal with CoreWeave (CRWV) on terms neither company disclosed.
Citadel Securities traded through July's turbulence profitably, a person familiar with the results told Bloomberg, and the firm expects to stay profitable through August.
