• Anchorage Digital plans to raise up to $400 million ahead of a potential IPO next year.
• The firm is expanding stablecoin services and doubling its team to meet rising demand.
• Anchorage leverages its federal crypto bank charter to compete with new digital asset entrants.

Crypto custodian Anchorage Digital is planning a raise of between $200-$400 million as it thinks of a public offering next year. The firm is currently worth $3 billion, but it wants to build its capital base before it can possibly expand into new markets. Sources conversant with the issue informed Bloomberg that Anchorage is proceeding at a slow pace balancing between growth and regulation needs.

The firm became the first federally chartered crypto bank in the United States in 2021. This status has positioned Anchorage differently from many competitors. With Washington gradually formalizing rules for stablecoins and digital assets, the bank sees opportunities to expand its services.

Expansion into Stablecoins and Institutional Services

Anchorage has focused heavily on stablecoins, seeking to become a key player in issuance and related infrastructure. Following the GENIUS Act in July, the firm is preparing for increased demand from banks, fintech firms, and global institutions. It plans to double its stablecoin team in the coming year.

The company already collaborates with Tether to launch a U.S.-centered stablecoin USAT. In addition to stablecoins, Anchorage also provides custody, trading and staking services to banks, hedge funds and venture capital firms. It has also extended services into wealth management through acquisitions such as Securitize for Advisors.

Additionally, Anchorage integrated token lifecycle management via Hedgey to support its institutional clients. These steps broaden the firm’s offerings in tokenized assets, reinforcing its role in the growing digital finance sector.

Past Funding and Market Context

Anchorage has already generated a significant sum of capital, including a $350 million Series D investment round late in 2021. KKR, Goldman Sachs, GIC and Apollo credit funds were the investors. The IPO strategies are consistent with the overall trends of crypto companies in the process of going public.

Custody competitor BitGo filed confidential IPO documents recently. BitGo submitted a confidential draft registration with the SEC last year. Exchanges like Kraken and European platform Bitpanda are also preparing for public market entries in 2026. Other firms, such as tZero Group, are targeting listings to expand their tokenized securities and digital asset services.

Competitive Landscape and Regulatory Environment

The crypto banking industry is becoming competitive with the Office of the Comptroller of the Currency issuing conditional licenses to companies such as Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Anchorage wants to take advantage of its regulatory advantage to dominate the market.

Anchorage has grown its business through diversification since it was founded in 2017 by Diogo Mónica and Nathan McCauley. The company is a combination of custody, stablecoin issuance, wealth management and venture capital. This strategy positions it to serve institutional clients comprehensively while preparing for potential public market scrutiny.