Institutional crypto platform Anchorage Digital is reportedly preparing for a major capital raise as it moves closer to a potential initial public offering. According to a Bloomberg report citing people familiar with the matter, the company is seeking to raise between $200 million and $400 million, with an IPO possibly targeted for 2026.
Anchorage Digital operates at the intersection of traditional finance and crypto. Its affiliate, Anchorage Digital Bank National Association, made history in 2021 as the first federally chartered crypto bank in the United States, giving the firm a regulatory edge as institutional adoption of digital assets accelerates.
Anchorage Digital positions itself as a stablecoin leader
Following the passage of the GENIUS Act in July, Anchorage believes it is well positioned to become a leading stablecoin issuer and service provider. The company has already begun investing heavily in this area, with CEO Nathan McCauley stating in September that Anchorage plans to double the size of its stablecoin team to meet growing demand for regulated digital dollars.
In a statement to Bloomberg, an Anchorage spokesperson said the company focused on scaling throughout 2025 by making acquisitions, forming strategic partnerships, and launching new business lines, including stablecoin issuance. One of the most notable partnerships includes Tether, the issuer of USDT. In September, the two companies announced plans to introduce USAT, a U.S.-focused token designed to operate within domestic regulatory frameworks.
Beyond stablecoins, Anchorage continues to expand its core institutional services. The firm offers crypto custody, trading, and staking solutions for banks, hedge funds, and venture capital firms, positioning itself as a regulated gateway for traditional finance institutions entering the crypto market.
Expansion strategy and growing IPO momentum across crypto
Anchorage has also been active on the acquisition front. In December, it strengthened its wealth management and token services by acquiring Securitize for Advisors and integrating Hedgey for token lifecycle management. These moves are part of a broader strategy to diversify revenue streams ahead of a potential public listing.
The company last raised $350 million in late 2021, in a funding round led by KKR & Co., with participation from Goldman Sachs, GIC, and Apollo credit funds. At the time, Anchorage’s valuation exceeded $3 billion.
Anchorage is not alone in preparing for life as a public company. Crypto custody rival BitGo filed S-1 paperwork to list on the New York Stock Exchange in September, while major trading platform Kraken followed with its own S-1 filing in November and is reportedly targeting an early 2026 listing.
