18 Apr

The Citadel Securities-backed prime brokerage Hidden Road Partners intends to seek $120 million in its Series B investment round with the goal of reaching a $1 billion market valuation.

As per a Bloomberg story, the premier brokerage firm funded by Citadel Securities is aiming to broaden its range of services in the cryptocurrency and foreign exchange markets, according to individuals acquainted with the subject who asked anonymity because of the sensitive nature of the information.

Aiming for about $120 million, Hidden Road

According to two of the persons, the current projection for the round is to raise approximately $120 million. Bloomberg contacted a representative of Hidden Road, but they declined to comment.

Marc Asch, a former worker of Steven Cohen's hedge fund companies SAC Capital and Point72 Asset Management, founded Hidden Road in 2018. This company raised $50 million in its Series A fundraising round, which allowed it to establish itself in the financial industry quite quickly.

Castle Island Ventures led the Series A. Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, Coinbase Ventures, and others were notable investors in this round.

Prime-brokerage services are provided by Hidden Road in a number of markets, including digital assets, precious metals, and foreign exchange.

April 2024, Cryptoniteuae

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