Anchorage Digital plans IPO, targets up to $400 million raise

Anchorage Digital, the first federally chartered crypto bank in the United States, is preparing to pursue an initial public offering.

According to Bloomberg, the firm is seeking to raise between $200 million and $400 million, with an IPO targeted for next year. The fundraising would mark Anchorage’s first major capital raise in nearly four years, following its $350 million Series D round led by KKR in late 2021, which valued the company at over $3 billion with backing from investors such as Goldman Sachs, GIC, and Apollo.

Sources said detailed valuation work is still underway, adding that despite Bitcoin retreating from its October peak, investor appetite for crypto companies entering the mainstream financial system remains strong.

Anchorage’s confidence is underpinned by the “Genius Act,” which passed the U.S. Congress and was signed into law by President Donald Trump in July last year. The legislation allows banks to issue stablecoins, providing a significant tailwind for Anchorage due to its federal banking license.

In September, shortly after the law’s passage, Anchorage announced a joint venture with Tether called “Tether America” and plans to launch a U.S. regulation-compliant stablecoin, USAT. CEO Nathan McCauley said the company would double its dedicated stablecoin workforce by next year, signaling an aggressive expansion strategy.