Hidden Road Partners, a startup prime brokerage focused on digital assets, is reportedly seeking a valuation of $1 billion after initiating its latest round of fundraising. The firm, which is supported by financial giant Citadel, is said to be raising funds in a Series B equity round, according to anonymous sources cited by Bloomberg. This round is expected to bring Hidden Road’s overall valuation close to $1 billion.
Hidden Road, established in 2018, previously completed a $50 million fundraising round in 2022. The firm also offers services for other asset markets, including precious metals and foreign exchange. The report highlights the growing popularity of prime brokerages like Hidden Road and its competitor FalconX, as they assume counterparty risk on behalf of clients. This trend has gained momentum following the collapse of crypto exchange FTX in 2022, which was plagued by fraud and mismanagement.
Pitchbook, a data-aggregating platform led by layer-1 blockchain Berachain (BERA), reveals that investments in crypto startup firms reached $2.5 billion during the first quarter of 2024. This represents a 32% increase from the fourth quarter of 2023. Berachain itself recently raised $100,000 in a series B funding round, with participation from tech giant Samsung and various crypto venture capital firms such as HashKey Capital, Animoca Ventures, and Nomad Capital.
It’s important to note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where this article was originally published, does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.
