Billionaire investor Ken Griffin is making a bold move by investing heavily in a company that has exceeded expectations this year. Citadel, Griffin’s hedge fund, has recently acquired 3,824,329 shares of NioCorp Developments Ltd (NB), a company that is at the forefront of critical minerals development in the United States.
NioCorp’s primary project in Nebraska is focused on the production of rare earth minerals such as niobium, scandium, and titanium. This strategic investment by Citadel represents 5.4% of its total portfolio and 5.2% of the total outstanding shares of NB. With a market capitalization of $229 million, NioCorp’s stock price has surged from $1.41 in January to $3.16, marking a significant gain of 124% year-to-date.
Griffin’s interest in NioCorp underscores Citadel’s emphasis on the energy sector, following their successful bet on Chevron’s acquisition of Hess Corporation for $53 billion. Alongside Citadel, Adage Capital and HBK Investments were also part of a group of investors leveraging a merger arbitrage strategy in anticipation of the acquisition. Bloomberg reports that Citadel and HBK each held approximately $1 billion worth of shares in the deal.
In addition to their strategic investments, Citadel and other investors are closely monitoring price action and market trends to capitalize on opportunities in the evolving financial landscape. To stay updated on the latest developments and investment opportunities, follow The Daily Hodl on X, Facebook, and Telegram, and subscribe to receive email alerts directly to your inbox.
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