Latham & Watkins Advises Cobalt Holdings on Proposed $230M London IPO.
Latham & Watkins is advising Cobalt Holdings plc on its proposed $230 million initial public offering (IPO) on the Main Market of the London Stock Exchange, expected to take place in June 2025.
Cobalt Holdings, a newly formed company designed to purchase and hold physical cobalt, aims to become the only publicly listed vehicle offering pure-play exposure to cobalt prices, without the risks tied to exploration, development, or mining operations.
As part of the IPO, global commodities giant Glencore has agreed to take a 10% stake in the company. Anchorage Capital has also committed as a cornerstone investor.
Cobalt Without the Dirt
Unlike traditional resource firms, Cobalt Holdings will not mine or refine cobalt. Instead, its business model is built around long-term ownership of the physical metal, offering public market investors direct access to the commodity through equity.
“Our strategy is simple,” said CEO Jake Greenberg.
“We provide equity investors with direct, pure-play exposure to cobalt prices through a low-cost, low-risk structure, without the operational burdens of mining.”
This year, the company plans to acquire 6,000 tonnes of cobalt, which would represent about 33% of the global cobalt surplus in 2025, based on data from Benchmark Mineral Intelligence.
A Strategic Bet on Soaring Demand
Cobalt demand has already more than doubled between 2015 and 2024, driven by the rapid growth of electric vehicles and battery storage. Projections show demand rising another 54% by 2031.
At the same time, supply pressure is mounting. The Democratic Republic of Congo (DRC) – which dominates global cobalt output, has begun to enforce export restrictions, limiting metal availability at a time of rising consumption.
“The long-term price of cobalt has historically been far above the spot market,” Jake Greenberg noted.
“Now is the right moment to build a strategic stockpile and prepare for the supply-demand rebalance that’s coming.”
Mr. Greenberg added that the anticipated tightening in cobalt markets could help catalyze new investment in mining and refining capacity in the West, which is vital for advancing the global energy transition.
The Latham & Watkins team advising on the proposed IPO is led by corporate partners Anna Ngo, Shing Lo, Sam Newhouse, and James Inness, with support from counsel Koushik Prasad and associates Phoebe Richardson and Isabelle Knapton. Additional specialist advice was provided by counsel Evelyne Girio and associate Daniel Chen.
Cobalt Holdings plc is a Cayman Islands-based investment company that offers public equity investors pure-play exposure to cobalt prices by acquiring and holding physical cobalt. The company avoids mining risks through a low-cost, outsourced model and is led by CEO Jake Greenberg, co-founder of Yellow Cake plc.
Latham & Watkins, founded in 1934, is a global law firm with more than 3,000 lawyers across major business and financial centers. The firm advises top companies, investors, and institutions on high-stakes transactions, regulatory matters, and litigation. Known for its collaborative culture and deep industry knowledge, Latham delivers practical, strategic legal solutions worldwide.
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