A prime brokerage backed by Citadel Securities is raising funds amid a surge in cryptocurrency prices, Bloomberg reported Wednesday.
Hidden Road Partners is aiming to raise $120 million in a Series B equity round, targeting a valuation of about $1 billion, the company reported, citing people familiar with the matter. The startup provides prime brokerage services specifically for the foreign exchange and digital asset markets.
Hidden Road Partners immediately responded to The Block’s request for comment.
The raise could raise nearly three times the amount of funding the company’s last raise in 2022, Bloomberg reported. At the time, investors poured $50 million into Hidden Roads as the company stepped up to provide critical lending services amid the collapse of major cryptocurrency lenders like Chelsea and BlockFi.
Investments in companies focused on cryptocurrency are on the rise this year. According to The Block Deals Dashboard, investments last month exceeded $1.4 billion, the highest monthly investment in cryptocurrency companies since September 2022.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, crypto, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.