Hidden Road Partners, a Citadel-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. This latest raise is on track to bring in nearly three times the funds of the firm's last raise in 2022, Bloomberg reported.
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.
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