Anchorage Digital could raise $400 million in its IPO

Enter the cryptocurrency market.

The fundraising talks are taking place amid speculation that Anchorage could go public as early as late 2026 or early 2027, taking advantage of greater regulatory clarity, increased institutional demand for digital asset custody services, and a favorable market environment for cryptocurrency-related IPOs.

Anchorage, founded in 2017, holds a unique position as the first (and currently only) Special Purpose Depository Institution (SPDI) licensed by the Office of the Comptroller of the Currency (OCC) in January 2021. This federal banking license allows the company to offer custody, staking, trading, and settlement services for digital assets while operating under full prudential supervision—a significant difference from non-bank custody institutions such as Coinbase Custody or Fidelity Digital Assets.

• Fundraising target: Up to $400 million in new capital (potentially a combination of primary and secondary equity).

• Valuation context: Recent secondary market transactions and private valuations have placed Anchorage at around $3-4 billion; the highest fundraising level was $400 million, which means limited share dilution.

• Timeline: Discussions regarding the IPO are still in the preliminary stages; most sources indicate a potential launch in late 2026 or 2027, depending on market conditions and regulatory response.

Currently, Anchorage manages over $50 billion in assets (as of the end of 2025), serving large institutions (including Visa, Goldman Sachs, and numerous issuers of spot Bitcoin/Ethereum ETFs), and has been profitable since 2024.

IPO readiness in the post-ETF world

The maturation of the cryptocurrency market—particularly the acceptance and growth of spot cryptocurrency ETFs—has shifted institutional expectations. Companies providing tightly regulated and vital services are now receiving clearer demand signals and more predictable revenue paths.

Anchorage's model is well-suited to this shift. Unlike exchanges or token issuers, Anchorage's core values ​​focus on risk management and regulatory compliance, attributes that are increasingly valued by investors in the stock market.

An IPO would place Anchorage in the small group of cryptocurrency companies that position themselves as providers of financial infrastructure, rather than speculative platforms.

Our review

The potential fundraising of up to $400 million — and upcoming IPO discussions — underscores Anchorage Digital's transformation from a specialized cryptocurrency custody company into a federally regulated force in the institutional digital asset space. With its unique OCC license, billions of dollars in assets held in custody, and the strong growth trend of ETFs/token-backed assets, Anchorage is well-positioned to capture the next wave of institutional investment.

If the IPO takes place in 2026-2027, it could become one of the most anticipated cryptocurrency listings since Coinbase — and an indicator of how traditional finance is fully integrating the digital assets under management. Currently, the $400 million fundraising is a strong demonstration of confidence from investors betting on custody services as the backbone of the burgeoning cryptocurrency economy.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrency. This is not financial or investment advice. All investment decisions should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official stance of the platform. We recommend that readers conduct their own research and consult with experts before making any investment decisions.

Compiled and analyzed by HCCVenture

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