Key Insights
- Anchorage Digital is seeking $200 to $400 million and is considering an IPO next year.
- Following the passage of the GENIUS Act, its federally chartered bank division promotes the services of stablecoins.
- Other cryptocurrency companies, such as BitGo and Kraken, have completed public listings.
Anchorage Digital is moving toward a significant new phase as it prepares a large capital raise while exploring a public listing. According to a Bloomberg report, the firm is seeking between $200 million and $400 million in fresh funding as it positions itself for a potential initial public offering next year.
Anchorage Digital and Capital Market Plans
Anchorage Digital’s fundraising discussions come as the company continues to expand its role within the U.S. digital asset ecosystem. Bloomberg reported that the company is weighing an IPO sometime next year, although the timing and size of the offering have not been finalized.
Additionally, the most recent capital raise occurred at the end of 2021, when the company raised $350 million in a financing round led by KKR & Co., alongside Goldman Sachs, GIC, and Apollo credit funds.
At that time, Anchorage Digital’s valuation was marked at more than $3 billion. However, the new funding round would represent one of the largest capital raises in the crypto infrastructure sector since that period.
Federally Chartered and Regulatory Positioning
The state of the United States, Anchorage Digital affiliate, Anchorage Digital Bank National Association, was the first federally chartered crypto bank in the United States in 2021.
Source: Bloomberg(X)
Following the passage of the GENIUS Act in July, Anchorage Digital Bank National Association is positioned to play a central role in stablecoin issuance and related services.
The legislation established a framework for stablecoins, increasing clarity for banks and financial institutions seeking to issue or use dollar-backed digital tokens.
Chief executive Nathan McCauley stated in September that the company plans to double the size of its stablecoin team over the next year. The growth will be aimed at meeting the forecasted demand for stablecoin services among banks, fintechs, and global institutions.
Partnerships and Stablecoin Strategy
As part of its institutional offering, Anchorage Digital has increasingly emphasized stablecoin-related services. A spokesperson told Bloomberg that 2026 will be a year of scale for the company, including acquisitions and new partnerships, as well as the issuance of stablecoins.
Nevertheless, Tether has one of the most notable partnerships. Last year, Anchorage Digital and Tether announced their intention to introduce a US-based stablecoin called USAT.
The move also aligns with Anchorage’s federal charter and the United States’ evolving regulatory framework for stablecoins. In addition to issuing, Anchorage Digital provides infrastructure for the lifecycle of digital tokens.
Expansion In Institutional Services
Anchorage Digital has established a broad presence among banks, hedge funds, venture funds, and other institutional investors. Its services include custody, trading, and staking, as well as services to facilitate tokenized assets.
The company has also spread to the wealth management sector. Anchorage Digital bought advisory-based digital asset service provider Securitize for Advisors and incorporated it into the platform in December.
Furthermore, it also enhanced its investment in tokenized securities and infrastructure by adding token lifecycle management functionality to Hedgey.
The acquisition and integration are a continuation of efforts to build a more significant presence across different segments of the digital asset market without losing interest in regulated institutional use.
Anchorage Digital and the IPO Landscape
Anchorage Digital’s IPO considerations are in the context of other crypto firms that intend to become publicly traded. One of its custodial sector rivals, BitGo, has previously confidentially applied to IPO and filed an S-1 registration statement to trade on the New York Stock Exchange.
According to the filing, BitGo plans to offer approximately 11.8 million shares of Class A common stock at a price range of $15 to $17 per share, with shares expected to trade under the ticker symbol BTGO.
Crypto exchange Kraken also filed an S-1 in November and is targeting a public listing in early 2026. In Europe, Bitpanda is preparing for a Frankfurt stock market debut in the first half of 2026, while New York–based tZero Group has announced plans to go public in 2026.
