Capital raise ahead of potential public listing

Institutional crypto platform Anchorage Digital is reportedly planning a major capital raise as it prepares for 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. A public listing is being considered for as early as next year, subject to market conditions and internal readiness.

Anchorage has not formally confirmed the timing of an IPO, but the fundraising effort signals growing confidence among crypto firms as regulatory clarity improves in the United States.

First federally chartered crypto bank

Anchorage operates through its affiliate, Anchorage Digital Bank National Association, which became the first federally chartered crypto bank in the United States in 2021. This status places the firm in a strong position as traditional financial institutions increasingly look for regulated pathways into digital assets.

Following the passage of the GENIUS Act in July, Anchorage believes it is well placed to become a leading issuer of stablecoins. The legislation is expected to accelerate institutional adoption of dollar backed digital tokens and related infrastructure.

Stablecoin ambitions for 2026

Chief executive Nathan McCauley said in September that Anchorage plans to double the size of its stablecoin team over the next year. The expansion is aimed at meeting rising demand for regulated digital dollars, particularly from banks and large financial institutions.

An Anchorage spokesperson told Bloomberg that 2025 marked a major scaling phase for the company. During the year, the firm completed several acquisitions, signed strategic partnerships and launched new business lines, including stablecoin issuance, to strengthen its position in institutional crypto services.

Partnerships and product expansion

One of Anchorage’s most notable partnerships has been with Tether, the issuer of USDT, the world’s largest stablecoin. In September, the two companies announced plans to launch a US focused stablecoin token designed to operate within the American regulatory framework.

Beyond stablecoins, Anchorage offers crypto custody, trading and staking services to banks, hedge funds and venture capital firms. The company positions itself as a regulated bridge between traditional finance and the digital asset ecosystem.

In December, Anchorage expanded its wealth management capabilities through the acquisition of Securitize for Advisors. It also enhanced token lifecycle management by integrating Hedgey, further broadening its institutional service offering.

Funding history and wider IPO trend

Anchorage last raised significant funding in late 2021, securing $350 million in a round led by KKR, with participation from Goldman Sachs, GIC and Apollo credit funds. The company’s valuation was reported to be above $3 billion at the time.

Anchorage is not alone in considering a public listing. Crypto custody rival BitGo filed S 1 paperwork to list on the New York Stock Exchange in September, while trading platform Kraken submitted its own S 1 filing in November and is targeting an early 2026 listing. Together, these moves suggest renewed momentum for crypto firms seeking access to public markets.