Anchorage Digital is planning a funding round of between $200 million and $400 million, with an eye toward a potential initial public offering next year. The firm, currently valued at $3 billion, aims to bolster its capital base in preparation for potential market expansion. Sources close to the matter have indicated to Bloomberg that Anchorage is proceeding cautiously, balancing growth objectives with regulatory considerations.
The firm achieved a significant milestone in 2021 by becoming the first federally chartered crypto bank in the United States. This unique status differentiates Anchorage from many of its competitors. As Washington continues to formalize regulations for stablecoins and digital assets, the bank anticipates new opportunities for service expansion.
Expansion into Stablecoins and Institutional Services
Anchorage has placed a strong emphasis on stablecoins, aiming to become a leading provider in their issuance and related infrastructure. In anticipation of increased demand from banks, fintech firms, and global institutions, particularly following the GENIUS Act passed in July, the firm plans to double its stablecoin team within the next year.
The company is already collaborating with Tether on the launch of a U.S.-centric stablecoin, USAT. Beyond stablecoins, Anchorage offers custody, trading, and staking services tailored for banks, hedge funds, and venture capital firms. The firm has also expanded into wealth management through strategic acquisitions, including Securitize for Advisors.
Furthermore, Anchorage has integrated token lifecycle management solutions via Hedgey to enhance support for its institutional clients. These initiatives collectively broaden the firm’s portfolio of offerings in tokenized assets, reinforcing its position within the expanding digital finance sector.
Past Funding and Market Context
Anchorage has a history of successful capital generation, including a $350 million Series D investment round in late 2021. This round saw participation from prominent investors such as KKR, Goldman Sachs, GIC, and Apollo credit funds. The firm's IPO aspirations align with a broader trend observed among crypto companies preparing for public market entry.
Competitor BitGo, a custody provider, has also recently filed confidential IPO documents, submitting a draft registration with the SEC last year. Major exchanges like Kraken and the European platform Bitpanda are reportedly targeting public market entries in 2026. Other entities, including tZero Group, are also exploring listings to enhance their capabilities in tokenized securities and digital asset services.
Competitive Landscape and Regulatory Environment
The crypto banking industry is increasingly competitive, with the Office of the Comptroller of the Currency issuing conditional licenses to various companies, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Anchorage aims to leverage its established regulatory advantage to capture a significant market share.
Since its founding in 2017 by Diogo Mónica and Nathan McCauley, Anchorage has pursued a strategy of business diversification. The company's integrated approach encompasses custody, stablecoin issuance, wealth management, and venture capital. This comprehensive strategy is designed to cater effectively to institutional clients while positioning the firm for the rigors of public market scrutiny.