Bloomberg reported on Wednesday that a prime brokerage supported by Citadel Securities is seeking to raise funds amidst a surge in cryptocurrency prices. Hidden Road Partners is pursuing a $120 million raise in a series B equity round, aiming for a valuation of approximately $1 billion, according to sources familiar with the matter cited by the publication.
The startup offers prime brokerage services for foreign exchange and digital asset markets, among others.
According to Bloomberg, this latest funding round is poised to secure nearly three times the amount raised in the firm’s previous round in 2022. Back then, investors injected $50 million into Hidden Roads as the company ramped up efforts to offer crucial loan services amidst the collapse of major crypto lenders like Celsius and BlockFi.
Investments in companies focused on cryptocurrency have seen a notable uptick this year.
Investments in crypto companies surpassed $1.4 billion last month, marking the highest monthly investment in the sector since September 2022.
