Anchorage Digital is gearing up for a significant new funding round as it moves closer to a potential IPO, signaling fresh momentum for crypto firms eyeing the public markets.
According to people familiar with the matter, the crypto custody and banking firm is looking to raise between $200 million and $400 million, with a public listing possibly coming as soon as next year. The plans were first reported by Bloomberg.
The timing reflects Anchorage’s growing confidence as regulatory clarity improves in the U.S. and institutional demand for digital assets continues to rise.
A Regulatory Advantage Few Rivals Can Match
A major reason Anchorage believes it’s well positioned for this next phase is its regulatory status. Through its affiliate, Anchorage Digital Bank National Association, the company became the first federally chartered crypto bank in the U.S. back in 2021 — a distinction that has become increasingly valuable.
As Washington moves to formalize rules around stablecoins and digital asset infrastructure, Anchorage’s federal charter gives it a head start over less regulated competitors. The firm is already positioning itself to play a larger role following the passage of the GENIUS Act in July, which laid the groundwork for clearer stablecoin regulations.
Chief executive Nathan McCauley said in September that Anchorage plans to double the size of its stablecoin team over the next year, expecting strong demand from banks, fintech companies and global institutions looking to issue dollar-backed digital tokens.
“2025 was our year of scale,” an Anchorage spokesperson told Bloomberg, pointing to acquisitions, new partnerships and the launch of stablecoin issuance as major milestones.
One of the most high-profile partnerships involves Tether, with the two firms announcing plans last year to launch a U.S.-focused stablecoin called USAT.
Expanding Beyond Custody
While Anchorage is best known for crypto custody, the firm has steadily expanded its product offering. It now provides trading, staking and infrastructure services to banks, hedge funds and venture capital firms.
More recently, Anchorage has pushed into wealth management, acquiring Securitize for Advisors and integrating token lifecycle management through Hedgey. The moves deepen its exposure to tokenized assets and real-world asset infrastructure — areas many see as the next major growth frontier for crypto.
This isn’t Anchorage’s first large capital raise. In late 2021, the company secured $350 million in funding led by KKR, with backing from Goldman Sachs, GIC and Apollo, valuing the firm at over $3 billion at the time.
Crypto Firms Reopen the IPO Playbook
Anchorage’s IPO ambitions come as other major crypto companies begin testing public market appetite again after years of volatility.
Custody rival BitGo filed confidential IPO paperwork last year, while Kraken submitted its own filing in November and is targeting an early 2026 debut. In Europe, Bitpanda is preparing for a Frankfurt listing in the first half of 2026.
Elsewhere, blockchain infrastructure firm tZERO Group has said it plans to go public in 2026, following BitGo’s move to become the first dedicated crypto custodian to formally pursue a U.S. stock market listing.
Together, these efforts suggest that after a long pause, crypto firms are once again warming to the idea of public markets — with Anchorage aiming to be among the leaders of the next wave.
