Demand for U308
Disclaimer: Not Financial Advice (Seriously, Don’t Mortgage Your Cat Over This)
Welcome to the wild frontier of my brain 🧠—where half-baked theories, caffeine-fueled research, and late-night epiphanies collide. Seriously - This is not financial advice. It’s just me, tossing my thoughts into the digital void to see if they echo back with sanity or spark a spirited debate. Think of it as a sandbox for ideas, not a blueprint for your retirement plan. If you find value here, great! If you find madness… well, that’s kind of the point.
All demand forecasts for Uranium cover reactor use only and do not account for utility restocking, financial demand, or stockpiling by sovereign nations like both the USA and China are or have planned to do.
Yellow Cake announced the upsized placement on 24 September 2025, raising US$175 million. This is up from an initial plan for just US$125 million due to demand. Its using this to fund its 2025 uranium purchase option with Kazatomprom and other growth initiatives like buying U308 on the market perhaps.
Sprott raised 306M of new investor capital in September 2025 and more this month. That was after the $232.4M raised in the large private placements conducted in May-June 2025.
Its is above NAV again now and taking in millions every day! Sprott Physical Uranium Trust | Sprott
The new BIG money chase other than by Yellow Cake and Sputt is by Mercuria, Natixis, Citibank, Goldman Sachs and Macquarie are all now active or expanding in uranium/nuclear fuel trading, Mercuria, Natixis, and Citi are new, Goldman Sachs and Macquarie have been long-time players in this niche market. Other quiet huge money like Jane Street capital are highly likely to be trading given the huge short/long plays! See more on Jane street that the end!
Goldman Sachs market cap $241B
Citigroup $190B
Macquarie $55B
Natixis and Mercuria Holdings (Japan) are much smaller ~$15–16B each?.
AI suggested Estimated Capital Allocation to Uranium Trading (2025–2030)
Institution
Commodity/Trading Revenue Base (2025)
Likely Uranium Allocation %
Estimated 5-Year Capital Commitment
Rationale
Mercuria
~$2.1B annual profit from trading
2–4%
$500M–$1B
Already expanding into metals & energy transition. Uranium fits its decarbonization strategy.
Natixis
~$9B net banking income (CIB + markets)
0.5–1%
$100M–$200M
Likely to focus on financing uranium supply chains rather than large proprietary trading.
Citibank (Citi)
~$4.3B quarterly FICC trading revenue (~$17B annualized)
1–2%
$500M–$750M
Building uranium desk; bullish research outlook. Likely to scale exposure as demand grows.
Goldman Sachs
~$54B annual revenue, with ~$15B from trading
1–2%
$750M–$1B
Long-time uranium trader; will expand client-driven trading and equity research exposure.
Other pressure easily measured!
All EFTs all got new capital and all have to buy more shares in our company (s)
Interesting note that URNJ has a junior focus under $5billion companies. Two of its holdings are well over that amount and that may iM
Link URNJ Sprott Junior Uranium Miners ETF | Sprott ETFs
A quick sum of the NEW 2025 cash for Yellow Cake, Sprott and EFT inflows to shares can be done easily. My rough count suggests that is well North of a Billion Dollars in 2025 and mostly in the last five months. Very few if any of this is buying by the Nuclear utilities and I haven’t added KAP or China in this
Jane Street
2024 trading PROFT was over 20 billion! No details of its involvement in Uranium sector could be seen easily so this is my speculation only!
Jane Street, piecing together a portrait of a firm that notched US$10.1 billion of trading revenue in the second quarter, trouncing the biggest banks. Its haul for the year’s first half eclipsed US$17 billion, almost on par with its full-year record set in 2024. The mysterious billionaire boss at Jane Street smashing trading records - The Business Times
Jane street may be a self-confessed Market Manipulator or in almost criminal or unethical activities according to India Government and their own claims in court or African issues.