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Anchorage Digital is preparing for a potential initial public offering that could raise between $200 million and $400 million as early as next year, according to people familiar with the matter cited by Bloomberg.
The move by the federally chartered crypto bank would mark one of the most significant tests yet of whether regulated digital asset firms can command strong valuations in U.S. public markets as the industry emerges from a prolonged downturn.
At the center of the Anchorage Digital IPO narrative is the company’s unique regulatory positioning. Through its affiliate, Anchorage Digital Bank National Association, the firm became the first crypto-native company to receive a federal bank charter in the United States in 2021.
That designation has increasingly become a competitive advantage. As U.S. lawmakers and regulators advance comprehensive frameworks for stablecoins and digital asset infrastructure, Anchorage stands out as one of the few firms already operating within a federal banking regime.
“With clearer rules emerging, institutions are looking for partners that can operate safely inside the U.S. financial system,” said Nathan McCauley, Anchorage Digital’s co-founder and chief executive officer, in a September interview.
Analysts say this positioning strengthens the investment case ahead of a potential Anchorage Digital IPO.
Momentum around stablecoins is another pillar supporting the Anchorage Digital IPO push. Following the passage of the GENIUS Act in July, which established guardrails for dollar-backed digital assets, Anchorage has accelerated its plans to become a major stablecoin infrastructure provider.
McCauley previously confirmed that the company intends to double the size of its stablecoin team, anticipating increased demand from banks, fintech companies, and global financial institutions seeking compliant issuance partners.
“Institutions want regulated rails for digital dollars,” McCauley said. That demand, industry observers argue, could significantly boost revenue prospects tied to the Anchorage Digital IPO.
One of the firm’s most high-profile initiatives is its partnership with Tether to launch a U.S.-focused stablecoin known as USAT, designed to meet domestic regulatory expectations while expanding institutional access.
Beyond stablecoins, Anchorage has built a diversified institutional platform that strengthens the long-term thesis behind the Anchorage Digital IPO. Its offerings include crypto custody, trading, staking, and governance services tailored for banks, hedge funds, asset managers, and venture capital firms.
The company has also expanded aggressively through acquisitions. By purchasing Securitize for Advisors, Anchorage deepened its foothold in wealth management, while its integration of Hedgey added token lifecycle and incentive infrastructure to its stack.
These moves position the firm at the intersection of tokenized securities and traditional finance—an area investors increasingly view as crypto’s next growth frontier.
“2025 was our year of scale,” an Anchorage spokesperson told Bloomberg, citing new partnerships, product launches, and infrastructure upgrades that could underpin valuation expectations in an Anchorage Digital IPO.
Anchorage’s IPO ambitions are backed by a robust funding history. In late 2021, the firm raised $350 million in a round led by KKR & Co., with participation from Goldman Sachs, GIC, and Apollo-managed credit funds. That round valued the company at more than $3 billion during the previous crypto bull market.
Market participants say that pedigree lends credibility to the Anchorage Digital IPO, especially as investors rotate toward firms with proven governance, institutional backing, and regulatory compliance.
The Anchorage Digital IPO is unfolding alongside a broader reopening of the crypto IPO pipeline. Custody rival BitGo filed confidential paperwork for a public listing last year, while crypto exchange Kraken submitted its own IPO filing in November and is reportedly targeting an early 2026 debut.
In Europe, Bitpanda is preparing for a Frankfurt stock exchange listing in the first half of 2026, while New York–based tZero Group has announced plans to go public as it expands its tokenized securities platform.
Industry analysts say Anchorage’s federally regulated status could allow the Anchorage Digital IPO to stand out in a crowded field of listings, particularly among investors seeking reduced regulatory risk exposure.
Ultimately, the Anchorage Digital IPO may serve as a referendum on whether compliance-first crypto companies can command premium valuations in public markets.
“If Anchorage succeeds, it could reset expectations for how crypto firms access capital,” said one digital asset banking analyst familiar with institutional demand. “The Anchorage Digital IPO would show that regulation is no longer a handicap—it’s a differentiator.”
As policymakers finalize digital asset rules and Wall Street warms back up to crypto, the Anchorage Digital IPO could become one of the most closely watched financial events in the sector’s next chapter.
