Anchorage Digital Eyes $200M–$400M Raise as IPO Speculation Builds Across Crypto Sector

• Anchorage Digital plans $200M–$400M raise ahead of potential IPO
• Crypto IPO momentum grows as major custody and exchange firms prepare listings
• Regulatory approvals intensify competition for federally chartered crypto banks

Anchorage Digital has emerged as a central focus in renewed crypto IPO discussions as capital market activity accelerates. According to Bloomberg, the federally chartered digital asset bank is exploring a fundraising round between $200 million and $400 million. The effort comes ahead of a potential initial public offering targeted for next year.

People familiar with the matter say the discussions remain exploratory. Still, the reported size of the raise signals growing confidence in institutional crypto infrastructure. Anchorage was last valued at $3 billion, which places the potential funding round among the sector’s largest private raises. Market observers have long speculated about Anchorage’s public market ambitions. However, the company has consistently declined to comment on IPO plans. According to Bloomberg, the latest fundraising talks suggest internal positioning rather than a confirmed listing timeline.

Interest in crypto IPOs has strengthened following recent public offerings, as according to Yogita Khatri, investors see Anchorage among firms well positioned for a listing.

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Competitive IPO landscape puts pressure on custody firms

Across the crypto sector, several major players are moving closer to public markets. Custody rival BitGo submitted IPO documentation earlier this week, according to public records. Meanwhile, exchanges including Bitpanda, Kraken, and HashKey are exploring listings across Europe, the United States, and Asia. This growing pipeline increases pressure on established firms to demonstrate scale and diversification. Consequently, Anchorage has expanded beyond traditional custody services. The firm recently strengthened its wealth management unit through the acquisition of Securitize For Advisors.

Additionally, Anchorage entered token lifecycle management by absorbing Hedgey. That move allows the company to support token distribution, vesting, and governance tools for institutional clients. These expansions suggest deliberate preparation for higher transparency and investor scrutiny. Regulatory competition has also intensified. The Office of the Comptroller of the Currency has granted conditional trust bank approvals to several firms. According to regulatory disclosures, these include Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos.

Anchorage broadens strategy as regulatory landscape evolves

As new entrants gain regulatory footing, Anchorage continues to leverage its early mover advantage. The firm became the first federally chartered digital asset bank in 2021. That status initially set it apart within the institutional crypto market. Besides custody and wealth management, Anchorage has increased activity in stablecoins and venture-related initiatives. These efforts aim to diversify revenue as market conditions evolve. Industry participants see this strategy as increasingly necessary for firms eyeing public markets.

Anchorage was founded in 2017 by Diogo Mónica and Nathan McCauley. The company is backed by major investors including Apollo, Goldman Sachs, and KKR. It previously raised $350 million during a Series D funding round. As IPO speculation builds across the crypto sector, Anchorage’s reported fundraising plans highlight how regulated crypto banks are preparing for the next phase of institutional competition.

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