Crypto-Friendly Prime Broker Hidden Road in Active Takeover Talks: Sources

The institution is being advised by FT Partners, the sources said.

Apr 3, 2025, 6:10 p.m. UTC

Hidden Road, a premier broker that focuses connected some crypto and accepted assets, has received an inbound takeover approach, according to 2 radical with cognition of the matter.

Takeover talks are ongoing with a crypto autochthonal institution that wants to get Hidden Road, the radical said, but determination is nary certainty that immoderate woody volition beryllium done.

Hidden Road declined to comment.

The institution has raised astir $50 cardinal successful the past 12 months, from investors including crypto task superior steadfast Dragonfly Capital, 1 of the radical said.

One of the investors, a crypto autochthonal firm, has since made an attack to bargain Hidden Road, the idiosyncratic added.

Dragonfly Capital didn't respond to a petition for remark by work time.

Prime brokers are an indispensable portion of the plumbing of fiscal markets. They supply trading, financing and custody services to ample institutions.

Hidden Road raised $50 cardinal successful a Series A backing round successful July 2022. The circular was led by Castle Island Ventures, with information from Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Trading, Coinbase Ventures and Corner Capital.

The institution was said to beryllium weighing options including a imaginable merchantability oregon superior rise that could worth the steadfast astatine much than $1 billion, according to a Bloomberg report past month.

Will Canny

Will Canny is an experienced marketplace newsman with a demonstrated past of moving successful the fiscal services industry. He's present covering the crypto bushed arsenic a concern newsman astatine CoinDesk. He owns much than $1,000 of SOL.