Anchorage Digital's IPO Strategy and Pre-IPO Capital Raise: A Deep Dive into Crypto Infrastructure's New Frontier

The crypto infrastructure sector is undergoing a seismic shift, driven by regulatory clarity, institutional adoption, and the maturation of digital asset ecosystems. At the forefront of this transformation is Anchorage Digital, a federally regulated digital-asset custodian preparing for a potential 2025 IPO. With a recent pre-IPO capital raise targeting $200–400 million and a valuation exceeding $3 billion, the company is positioning itself as a critical bridge between traditional finance and the crypto economy. This analysis evaluates Anchorage's strategic moves, regulatory milestones, and valuation dynamics to assess its potential for early investors.

Pre-IPO Capital Raise: Fueling Expansion and Public Market Ambitions

Anchorage Digital is actively raising capital to accelerate its path to an IPO, with in 2025. This fundraising follows a $350 million Series D round in late 2021 and two additional Series D rounds in August 2024, which collectively raised $349.9 million. The latest round has attracted heavyweights like Andreessen Horowitz, GIC, Goldman Sachs, and Visa, underscoring institutional confidence in the company's vision.

as of May 2025, reflects a calculated share price of $13.24–$16.32 per share. These figures are anchored in Anchorage's growing revenue ($84.7 million in 2025) and its role as in the U.S.. The capital will likely fund expansion into stablecoin issuance, cross-border treasury operations, and the development of its full-stack institutional platform, Anchorage Digital Prime.

Strategic Positioning: Building the Infrastructure of the Future

Anchorage's dominance in crypto infrastructure is rooted in its ability to anticipate demand and secure regulatory first-mover advantages. Key milestones in 2025 include:
- USDtb Stablecoin Launch: In partnership with Ethena Labs, Anchorage became the first OCC-supervised stablecoin issuer under the GENIUS Act, a bipartisan federal framework ensuring full-reserve backing and AML compliance. This move positions USDtb as a programmable, prudential digital dollar, competing with legacy stablecoins like USDC.
- Acquisitions and Partnerships: The acquisition of Securitize for Advisors (SFA) and Hedgey expanded its capabilities for wealth managers and protocol clients according to reports. Additionally, partnerships with Modern Treasury and AsiaStrategy enabled seamless cross-border Bitcoin operations and automated payment flows.
- Regulatory Validation: The lifting of its consent order in August 2025 signaled regulatory confidence in Anchorage's compliance framework, a critical factor for institutional clients.

These moves align with broader industry trends, such as the Skynet DAT Security & Compliance Framework, which emphasizes the need for regulated custodians like Anchorage to ensure operational integrity.

Valuation Analysis: A $3B+ Play in a High-Growth Sector

Anchorage's valuation metrics suggest a compelling case for early investors. While profitability data remains opaque (public EBITDA figures pertain to unrelated entities), the company's revenue growth and strategic differentiation justify its premium.

• Revenue and Funding: With $84.7 million in 2025 revenue and $487 million in total funding, Anchorage's revenue multiple is roughly 37x (based on $3.3 billion valuation). This compares favorably to peers like Gemini and Figure, which target combined valuations exceeding $6.3 billion in 2025, despite less regulatory differentiation.
• Share Price Dynamics: Private market platforms like Nasdaq Private Market and Upmarket estimate Anchorage's share price at $13.24–$16.32, assuming 250 million shares outstanding. These figures imply a valuation trajectory aligned with the broader crypto IPO boom, where regulatory clarity and institutional adoption are key drivers.

Industry Tailwinds: Regulatory Clarity and Institutional Adoption

Anchorage's success is inextricably tied to the evolving regulatory landscape. The GENIUS Act and have created a framework for stablecoins and DATs (Digital Asset Treasuries), reducing uncertainty for investors. Additionally, BlackRock's designation of Anchorage as a custodian and partnerships with major asset managers highlight its role in legitimizing crypto infrastructure.

The further underscores Anchorage's relevance, noting that the choice of a regulated custodian is the most critical factor for DAT security. This aligns with Anchorage's core offering: institutional-grade custody and compliance solutions.

Risks and Considerations

While Anchorage's trajectory is bullish, risks persist:
- Market Volatility: Crypto's inherent price swings could impact demand for custody services.
- Regulatory Shifts: Future policy changes (e.g., MiCA in the EU) may alter the competitive landscape.
- Competition: Firms like Coinbase Custody and Fireblocks are also vying for institutional market share.

However, Anchorage's first-mover advantages in stablecoin issuance and federal regulation provide a moat that competitors lack.

Conclusion: A High-Conviction Play for Early Investors

Anchorage Digital's pre-IPO capital raise and strategic positioning in the crypto infrastructure sector present a compelling opportunity for early investors. With a valuation exceeding $3 billion, a robust regulatory profile, and a clear path to IPO, the company is well-positioned to capitalize on the growing demand for institutional-grade digital asset solutions. For those willing to navigate the risks of a nascent industry, Anchorage represents not just a bet on a single firm, but on the future of finance itself.