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.

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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.