Citadel-backed Hidden Road Partners on track to raise $120 million: Bloomberg
Deals • April 17, 2024, 11:41AM EDT
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Quick Take
- Hidden Road Partners, a Citadel Securities-backed prime brokerage, is on track to raise $120 million as it eyes a roughly $1 billion valuation.
A Citadel Securities-backed prime brokerage is raising funds amid a run-up in cryptocurrency prices, Bloomberg reported Wednesday. Hidden Road Partners is aiming to raise $120 million in a series B equity round as it eyes a roughly $1 billion valuation, the publication reported, citing people familiar with the matter. The startup provides prime brokerage services for foreign exchange and digital asset markets, among others. Hidden Road Partners did immediately reply to The Block's request for comment. This latest raise is on track to bring in nearly three times the funds of the firm's last raise in 2022, Bloomberg reported. At that time, investors poured $50 million into Hidden Roads as the firm stepped up to provide critical loan services amid the collapse of major crypto lenders such as Celsius and BlockFi. Investments in crypto-focused companies have been on the upswing this year. According to The Block Deals Dashboard, last month's investments exceeded $1.4 billion, the highest monthly investment in crypto companies since September 2022. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Elizabeth Napolitano is a data reporter covering business and technology news, with a focus on cryptocurrencies. Prior to joining The Block, Elizabeth reported on BigTech, AI, crypto and videogames for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and U.S. courts. She holds an MA in Journalism from CUNY. Follow her on X: @LizKNapolitano
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