Anchorage Digital Prepares up to $400M Capital Raise Before IPO
A new wave of crypto-focused companies is quietly positioning itself for public markets, as investor appetite returns to regulated digital-asset infrastructure.
After a series of successful listings reignited interest in the sector, several major players are now preparing capital raises and restructuring their businesses with IPOs in mind.
Key Takeaways
- Anchorage Digital is reportedly preparing a large funding round ahead of a potential IPO.
- The company has been expanding beyond crypto custody into new business areas.
- Competition is rising as more crypto firms move toward public listings and bank status.
One of those firms is Anchorage Digital, which Bloomberg reports is exploring a private funding round of roughly $200 million to $400 million. The raise would be aimed at strengthening the balance sheet ahead of a potential stock market debut targeted for next year. The company was last valued at about $3 billion.
Rather than making an abrupt leap to public markets, Anchorage appears to be taking a staged approach. In recent months, the firm has quietly expanded well beyond its original custody-focused model, signaling preparations more typical of companies approaching institutional-scale scrutiny.
From crypto custody to full-spectrum infrastructure
Anchorage first gained prominence as the first federally chartered digital-asset bank in the U.S., a designation that helped it attract large institutional clients. Since then, it has been reshaping its business mix. The company has pushed deeper into wealth management, absorbed token lifecycle technology through acquisitions, and increased its involvement in stablecoin-related services and venture activity.
This broader footprint may be designed to reduce reliance on pure custody revenues – a segment that is becoming increasingly competitive as regulatory barriers fall.
Public markets warming to crypto firms again
Anchorage’s reported plans come as multiple crypto-native companies move closer to listings. Custodian BitGo has already submitted IPO paperwork, while exchanges such as Kraken, Bitpanda, and HashKey are evaluating listings across different jurisdictions.
The renewed momentum follows Circle’s high-profile IPO last year, which helped reset expectations around valuations and demand for crypto firms with strong regulatory positioning.
Regulatory advantage no longer exclusive
While Anchorage was an early mover in securing federal approval, the landscape is shifting. The Office of the Comptroller of the Currency has since granted conditional trust bank approvals to several firms, including Circle, Ripple, Fidelity Digital Assets, and Paxos. As a result, Anchorage’s regulatory moat is narrowing, increasing pressure to scale and diversify.
Founded in 2017 by Diogo Mónica and Nathan McCauley, Anchorage counts Apollo, Goldman Sachs, and KKR among its backers. Its last major funding round was a $350 million Series D in 2021.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
