Ken Griffin, a billionaire investor, is betting big on a business that has far exceeded expectations in the past year.
Citadel, Griffin’s hedge-fund, has filed a report with the U.S. Securities and Exchange Commission. The company NioCorp Developments Ltd. (NB) is a firm that advances critical mineral development in the United States.
NioCorp’s flagship project, located in Nebraska, aims to mine rare earth minerals such as niobium and scandium.
Citadel’s holdings in NB represents 5.4% of their total portfolio and 5.2% total shares outstanding.
NB has a $229 million market capitalization and is currently trading at $3.16, after starting the year in January at $1.41 – a 124% gain so far.
Citadel’s position in the company seems to indicate a focus of the energy sector given its recent victory on Chevron’s $53 billion acquisition of Hess Corporation, a competitor.
Citadel Advisors Adage Capital, and HBK Investments are part of a group that bet on this acquisition. This was part of a strategy called merger arbitrage, where investors wager on the result of a merger, or an acquisition.
Bloomberg reports that Citadel, HBK and HBK had each the equivalent of one billion dollars in stock, as per the latest company filings.
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The post Billionaire Ken Griffin buys massive stake in asset that’s soared 124% this year may be updated as new information becomes available.
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