Cobalt Holdings has unveiled plans to raise approximately $230 million through an initial public offering (IPO) on the London Stock Exchange, aiming to become the only publicly listed company offering pure-play equity exposure to cobalt prices without the risks of mining operations.
As part of the IPO, cornerstone investments have been secured from Glencore International and entities managed by Anchorage Structured Commodities Advisor. Together, they have committed to acquire around 20.5% of the shares on offer.
The company has also signed a six-year supply agreement with Glencore for premium-grade cobalt worth up to $1 billion. Additionally, it holds an agreement to purchase up to 1,500 tonnes of cobalt from Anchorage in 2031.
Cobalt Holdings’ first purchase will involve 6,000 tonnes of cobalt from Glencore, valued at approximately $200 million, secured at a discount to the current spot market price.
The firm plans to list its ordinary shares on the Main Market of the London Stock Exchange, with admission to the Financial Conduct Authority’s official list expected by June 2025.
Cobalt Holdings positions itself as a strategic investment vehicle focused solely on the price of cobalt—a critical raw material used in electric vehicle (EV) batteries, portable electronics, and energy storage systems.
By holding physical cobalt rather than engaging in mining, the company aims to offer a lower-risk, asset-backed exposure to the metal.
CEO Jake Greenberg emphasized the market opportunity:
“Our strategy is simple: to provide equity investors with direct, pure-play exposure to the price of cobalt through a low-risk, low-cost business model focused on buying and holding physical cobalt for the long term.”
Greenberg noted that cobalt demand more than doubled between 2015 and 2024 and is projected to rise a further 54% by 2031, driven largely by the EV sector.
At the same time, the Democratic Republic of Congo (DRC)—which supplies the majority of the world’s cobalt—has begun enforcing export restrictions, further tightening global supply.
“Now is the right time to build a strategic cobalt stockpile,” Greenberg said. “We are delighted to have Glencore and Anchorage as cornerstone investors. Their support validates our strategy, timing, and business model.”
To mitigate geopolitical and supply chain risks, Cobalt Holdings will store its inventory in secure, insured facilities located in Belgium, the Netherlands, Singapore, and South Korea.
The IPO comes amid growing interest in securing critical minerals, especially as governments and industries worldwide push toward electrification and energy transition.
