Anchorage Digital is preparing a major capital raise as it lays the groundwork for a future public listing.
The San Francisco–based firm is seeking between $200 million and $400 million in new funding, according to people familiar with the matter, positioning the raise as a strategic step ahead of an eventual IPO.
The company operates the first federally chartered crypto bank in the United States, a status that has become increasingly valuable as regulatory frameworks around digital assets begin to solidify. The fundraising effort comes as Anchorage aims to expand its footprint in stablecoins and institutional crypto infrastructure, areas expected to see accelerated growth over the next several years.
Capital Raise Sets the Stage for a Public Listing
Sources indicate that Anchorage is still finalizing valuation parameters for the round. The firm was last valued at more than $3 billion during a late-2021 funding round, and a successful raise is expected to reset that figure higher. While an IPO is not imminent, internal planning reportedly points to a potential listing in 2027, with some market observers suggesting late 2026 could be achievable if current momentum holds.
The new capital is expected to fund infrastructure expansion, support entry into token lifecycle management, and significantly scale the company’s stablecoin operations. Anchorage plans to double the size of its stablecoin-focused team by the end of 2026, reflecting its growing emphasis on regulated digital dollar products and settlement rails.
Regulatory Edge Shapes Competitive Positioning
Anchorage’s federal banking charter provides a structural advantage that few crypto-native firms can match. Under the GENIUS Act, passed in July 2025, regulated pathways for stablecoin issuance and custody have become clearer, placing Anchorage in a favorable position to serve institutional clients seeking compliant digital asset solutions.
Unlike retail-facing exchanges, the firm focuses on custody, safekeeping, and infrastructure services for financial institutions, asset managers, and fintech companies. This positioning allows Anchorage to operate closer to traditional banking workflows while supporting blockchain-based assets.
The company has also strengthened its institutional reach through strategic partnerships, including a recently announced collaboration with Tether, aimed at expanding stablecoin-related services within regulated environments.
IPO Momentum Builds Across Crypto Infrastructure Firms
Anchorage’s move fits into a broader trend of crypto-native infrastructure providers preparing for public markets. BitGo filed IPO plans with the U.S. Securities and Exchange Commission in early January 2026, targeting a $201 million raise. Kraken is also reported to be exploring a potential public listing in early 2026.
Taken together, these developments suggest growing confidence among crypto firms that regulatory clarity and institutional demand are strong enough to support public-market scrutiny. For Anchorage Digital, the planned capital raise represents a decisive step toward that next phase, reinforcing its ambition to become a core pillar of regulated digital asset finance.