Anchorage Digital Targets $200M-$400M Fundraise Before Potential IPO
Another crypto custodian is knocking on Wall Street's door—with a hefty ask.
The Pre-IPO Cash Grab
Forget quiet seed rounds. Anchorage Digital is reportedly eyeing a massive capital injection, seeking between $200 million and $400 million from investors. The move isn't just about padding the balance sheet; it's a classic pre-IPO maneuver to shore up valuation, polish the books, and signal maturity to the public markets. Because nothing says 'ready for prime time' like a nine-figure war chest raised from private equity firms who still think 'blockchain' is a buzzword.
The Institutional Gateway Play
This isn't a story about retail hype. Anchorage has built its reputation as the go-to regulated custodian for institutional money—the kind that needs air-tight compliance and doesn't blink at seven-figure minimums. A successful fundraise here validates a core thesis: that the big money flowing into digital assets demands institutional-grade infrastructure first. They're not betting on the next meme coin; they're selling the picks and shovels to the pension funds and asset managers finally setting up camp.
The Road to a Public Debut
The fundraising whispers are inextricably linked to a longer-term goal: an initial public offering. Going public would be a watershed moment, offering a pure-play, regulated crypto infrastructure stock for traditional equity investors—a trophy asset for portfolios still overexposed to legacy finance. It turns speculative crypto narrative into auditable GAAP financials, for better or worse.
A successful raise at this level sets the stage, proving demand and stabilizing the ship before navigating the volatile waters of SEC filings and quarterly earnings calls. It's the final private-market dress rehearsal before the main performance.
The Bottom Line
Watch this space. If Anchorage pulls this off, it doesn't just bankroll their expansion—it sends a signal that the infrastructure layer of crypto is maturing fast enough to meet Wall Street on its own terms. The ultimate test? Seeing if public market investors have the same appetite for custody fees as the VCs do for pre-IPO paper gains. After all, in finance, the real money is made in the transition from 'private' to 'public,' not necessarily in the underlying business.
Anchorage to launch its own stablecoins
Anchorage Digital Bank NA’s federal license allows it to issue stablecoins in the US under the GENIUS Act, which was signed into law in July. In September, the firm announced plans to partner with El Salvador-based Tether Holdings SA, the world’s biggest stablecoin issuer, to launch the USAT token for the US.
Thus, stablecoins are pegged to the US dollar and are backed by real money or other assets held by the bank. As a result, stablecoins have gained popularity as consumers and businesses can use digital currency without the worries of sudden price changes. Anchorage announced a major partnership with Tether, the world’s largest stablecoin company, in September. The partnership has culminated in a new stablecoin, USAT Stablecoin for the U.S. Market.
Nathan McCauley, the company’s chief executive, said Anchorage aims to expand its stablecoin team substantially over the next year. As digital dollars gain momentum and new regulations open up opportunities to develop innovative banking services.
Anchorage’s stablecoins are secure, reliable, and in compliance with all existing laws and regulations, and the company plans to hire experts in technology, finance, and compliance to conduct that work. Anchorage’s foray into stablecoins is also part of a larger trend in the cryptocurrency world.
In this context, real cryptocurrencies offer both the comfort and stability traditional currencies do — thus, financial institutions and investors are progressively looking to digital assets backed by real money.
Anchorage expands despite market challenges
According to Anchorage Digital, the year 2025 has been a year of growth for the company. That growth was achieved partly through acquisitions, new partnerships, and the launch of new services, including stablecoin issuance.
Those moves aim to keep the company at the forefront of digital money for large investors and institutions. “2025 was our year of scale. We made a series of acquisitions, inked major partnerships, and launched new business lines like stablecoin issuance to solidify our lead in institutional crypto,” an Anchorage spokesperson said in a statement.
The firm secured $350 million in funding from major investors, including KKR, Goldman Sachs, GIC, and Apollo, in late 2021. At that time, the company was valued at more than $3 billion.
Even though cryptocurrency prices, including Bitcoin, dropped later in October, Anchorage is moving forward with fundraising. Many crypto companies are going public, and some, like Tether, are raising record amounts of money.
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