Hidden Road Said to Mull Sale, Capital Raise at $1 Billion Value

Hidden Road, a prime brokerage that focuses on cryptocurrencies and foreign exchange, is weighing options including a sale or capital raise that could value the company at more than $1 billion, according to people with knowledge of the matter.

The New York-based company has been working with a financial adviser, said the people, who asked not to be identified because the details aren’t public. Hidden Road caters to institutional investors and is planning to expand its services into new asset classes including fixed-income financing.

A representative for Hidden Road declined to comment.

Hidden Road and competitors including FalconX and ...