Anchorage Digital kicks off IPO preparations…seeks to raise up to $400 million

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

According to Bloomberg on the 16th (local time), Anchorage Digital is seeking to raise between $200 million and as much as $400 million, targeting an IPO next year.

The fundraising would mark its first major financing in roughly four years since the $350 million Series D round led by investment firm KKR in late 2021. At the time, Anchorage was valued at more than $3 billion by major global investors including Goldman Sachs, GIC (the Government of Singapore Investment Corporation), and Apollo.

A source said that “detailed valuation work is still under way,” adding that “even though Bitcoin has fallen from its October peak, investor appetite for listings by crypto companies seeking to enter the mainstream financial system has not cooled.”

Anchorage’s confidence stems from the ‘Genius Act,’ which passed the U.S. Congress and was signed by President Trump in July last year. The law allows banks to issue stablecoins, effectively giving a tailwind to Anchorage, which holds a federal license.

In fact, in September, shortly after the bill’s passage, Anchorage announced it had established a joint venture (JV), ‘Tether America,’ with Tether, the world’s largest stablecoin issuer, and would launch a U.S. regulation-compliant stablecoin, ‘USAT.’

Anchorage CEO Nathan McCauley said in a September interview, “To respond to the new legislation and the boom in digital dollars, we will double our dedicated stablecoin headcount by next year,” signaling an aggressive expansion.