Cobalt Holdings Plans to List in London: Intends to Raise $230m

Cobalt Holdings, a company offering public equity investors direct exposure to the price of physical cobalt, announced Monday that it plans to raise approximately $230 million through a public offering ahead of a planned listing on the London Stock Exchange in June 2025.

The company said it will be the only listed firm providing pure-play exposure to cobalt prices without the risks associated with mining or exploration. 

Cobalt is seen as a strategic raw material and is critical for producing batteries used in electric vehicles, portable electronics, and energy storage systems.

Led by CEO Jake Greenberg, formerly part of the founding team at Yellow Cake plc, the company said it has secured a six-year supply agreement with Glencore worth up to $1 billion and will purchase 6,000 tonnes of cobalt this year at a discount to the current spot price. 

A further agreement allows it to acquire up to 1,500 tonnes from Anchorage in 2031.

Greenberg said: “We believe now is the right time to build a strategic stockpile of cobalt,” highlighting the combination of current oversupply and rising long-term demand, especially from the EV battery market.

Glencore and Anchorage have signed on as cornerstone investors, committing to acquire approximately 20.5% of the shares offered through the Global Offer. 

Cobalt Holdings’ shares are expected to be admitted to the stock exchange in June this year.