Glencore-Backed Cobalt Stockpiling Fund Targets $230mn LSE IPO

Glencore

Cobalt Holdings IPO offers pure-play exposure to physical cobalt

Glencore-backed cobalt stockpiling fund Cobalt Holdings plans to raise $230 million through an initial public offering (IPO) on the London Stock Exchange next month. The UK-based firm will become the first listed vehicle offering investors direct, unleveraged exposure to cobalt prices—separated from the operational risks of mining or refining. The move reflects growing demand for strategic metals investment models that avoid ESG risks tied to extraction.

Long-term cobalt supply secured through Glencore and Anchorage deals

Cobalt Holdings has secured a six-year cobalt supply agreement with Glencore, starting with an initial 6,000-tonne purchase. The deal includes the option to buy $160 million worth of cobalt annually for five additional years, totaling up to $1 billion in metal. The firm also holds an option to acquire another 1,500 tonnes from Anchorage Capital in 2031. The stockpile will be stored in secure facilities across Europe and Asia to support long-term value preservation.

ESG-aligned financial innovation aims to de-risk cobalt investing

The Glencore-backed cobalt stockpiling fund is modeled after Yellow Cake, a uranium stockpile vehicle also backed by Cobalt Holdings CEO Jake Greenberg. Greenberg emphasized that investors can gain cobalt-linked returns without the reputational or regulatory risks associated with sourcing from conflict-affected mining zones. The listing will appeal to institutional investors seeking cobalt exposure aligned with ESG compliance and battery supply chain diversification.

The Metalnomist Commentary

Cobalt Holdings’ IPO signals a shift in how capital markets interact with critical minerals. By offering cobalt exposure decoupled from mining risk, it addresses rising investor concerns around sustainability, compliance, and ethical sourcing—setting a potential blueprint for other metals.