Anchorage Digital looks to raise up to $400M ahead of potential 2027 IPO

Key Takeaways

Anchorage Digital is eyeing a $200M–$400M capital raise.
The firm is America’s first federally chartered crypto bank.

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Anchorage Digital is looking to raise as much as $400 million as it weighs tapping into the US public market next year, Bloomberg reported Friday.

Anchorage, the first crypto firm to obtain a federal banking charter in the US, is among the crypto companies analysts view as the next candidates for listing after Circle, Gemini, and Bullish, all of which went public last year.

Talks about the expected capital raise come after BitGo, Anchorage’s main custody competitor, filed its IPO plan with the SEC earlier this week.

The rival custodian, which has been granted conditional approval to convert into a federal charter, is targeting up to $201 million at a valuation of around $1.9 billion.

Anchorage offers a full suite of services, including custody, trading, and staking, for hundreds of digital assets. It is backed by major investors like Goldman Sachs, Andreessen Horowitz (a16z), KKR, GIC, and Visa.

The firm secured $350 million in a Series D funding round in late 2021 that valued it at more than $3 billion.