Crypto-Friendly Prime Broker Steals Path Into Active Takeover Talks: Sources

Crypto-Friendly Broker Hidden Road In Active Takeover Talks: Sources

According to sources, the company is being advised by FT Partners.

Author: Will Canny | Edited by: Nikhilesh De Updated: Apr 3, 2025 18:22 UTC Published: Apr 3, 2025 18:10 UTC

Key points:

• Leading broker Hidden Road has received a takeover offer from a cryptocurrency company and negotiations are ongoing, according to sources.
• Hidden Road is being advised by investment bank FT Partners, sources said.

Hidden Road, a major broker that deals in both cryptocurrencies and traditional assets, has become the target of a takeover attempt, according to two people familiar with the matter.

According to sources, discussions are underway with a cryptocurrency company that is interested in acquiring Hidden Road, but there is no guarantee that the deal will take place.

By subscribing, you will receive emails about CoinDesk products and agree to our terms of use and privacy policy .

Hidden Road representatives declined to comment on the situation.

One of the sources said the company has raised about $50 million over the past 12 months from investors including cryptocurrency venture firm Dragonfly Capital.

One of the investors, a cryptocurrency company, has since attempted to acquire Hidden Road.

Dragonfly Capital had not responded to a request for comment at the time of publication.

Prime brokers play a key role in the infrastructure of financial markets. They provide trading, financial and custodial services to large institutions.

In July 2022, Hidden Road raised $50 million in a Series A funding round. The round was led by Castle Island Ventures with participation from Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Trading, Coinbase Ventures, and Corner Capital.

According to a Bloomberg report last month, the company was considering various options, including a possible sale or capital raise that could value the firm at more than $1 billion.

Источник