Hidden Road, a major dealer that focuses on each crypto and conventional property, has obtained an inbound takeover method, in accordance with two individuals with data of the matter.
Takeover talks are ongoing with a crypto native firm that desires to accumulate Hidden Road, the individuals mentioned, however there isn’t any certainty that any deal will likely be accomplished.
Hidden Road declined to remark.
The corporate has raised about $50 million within the final 12 months, from traders together with crypto enterprise capital agency Dragonfly Capital, one of many individuals mentioned.
One of many traders, a crypto native agency, has since made an method to purchase Hidden Road, the individual added.
Dragonfly Capital did not reply to a request for remark by publication time.
Prime brokers are a vital a part of the plumbing of monetary markets. They supply buying and selling, financing and custody providers to giant establishments.
Hidden Road raised $50 million in a Collection A funding spherical in July 2022. The spherical was led by Fortress Island Ventures, with participation from Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Buying and selling, Coinbase Ventures and Nook Capital.
The corporate was mentioned to be weighing choices together with a possible sale or capital increase that might worth the agency at greater than $1 billion, in accordance with a Bloomberg report final month.
