Anchorage Digital's Path to Liquidity: IPO Potential and Strategic Expansion Amid Crypto Market Recovery

The crypto market's gradual recovery in late 2025 has reignited investor interest in infrastructure providers positioned to bridge traditional finance and digital assets. Among these, Anchorage Digital stands out as a pivotal player, leveraging its federal charter, institutional-grade services, and strategic acquisitions to solidify its role in the tokenized economy. This analysis evaluates Anchorage Digital's path to liquidity, focusing on its IPO potential, private market valuation, and institutional adoption metrics, while contextualizing its expansion within the broader crypto infrastructure landscape.

Strategic Expansion: Building a Federally Regulated Ecosystem

Anchorage Digital's strategic expansion in 2025 underscores its ambition to dominate the institutional crypto infrastructure space. The company has broadened its custody offerings to include emerging blockchain ecosystems like Mantle, enabling institutional access to MNT tokens on Ethereum. This move aligns with its mission to act as a bridge between decentralized finance (DeFi) and traditional markets.

A key pillar of its strategy is Anchorage Digital Ventures, a program designed to provide early-stage protocol teams with capital, technical expertise, and market access. By investing in innovation at the protocol layer, Anchorage Digital not only secures its position as a long-term infrastructure provider but also fosters ecosystems that rely on its custody and settlement solutions.

The company has also deepened its institutional offerings through acquisitions. The acquisition of Securitize for Advisors (SFA) and Hedgey has expanded its capabilities in wealth management and protocol support. These moves enable Anchorage Digital to offer a consolidated platform for registered investment advisers (RIAs), integrating custody, trading, and adviser-facing tools. Additionally, the launch of Anchorage Digital Prime in 2025 provides full-stack solutions for institutions, addressing gaps in execution, access, and financing.

Institutional Adoption: A Trust Anchor in a Fragmented Market

Anchorage Digital's institutional adoption metrics highlight its growing influence. As the first federally regulated stablecoin issuer under the Office of the Comptroller of the Currency (OCC), the company has issued USDtb in partnership with Ethena Labs and USAT for Tether. These stablecoins, programmable and federally accountable, demonstrate Anchorage's ability to innovate within regulatory frameworks.

The company's regulatory leadership has also earned it trust from major institutional players. BlackRock designated Anchorage Digital as one of its eligible digital asset custodians, a critical endorsement for a firm aiming to support spot crypto ETFs. Similarly, Tether's choice of Anchorage for USAT issuance underscores the company's role as a secure infrastructure provider.

Assets under custody (AUC) have grown substantially since Anchorage Digital received its federal bank charter in 2021. While exact figures remain undisclosed, the firm's institutional-grade security and compliance infrastructure have attracted some of the largest institutions in the world. This trust is further reinforced by the formal lifting of its consent order in August 2025, a milestone that validated its operational resilience under federal oversight.

IPO Potential: Private Market Valuation and Regulatory Readiness

Despite remaining private, Anchorage Digital's valuation has as of early 2026, according to UpMarket. Nasdaq Private Market estimates its share price at $16.32, reflecting strong demand in the secondary market. These figures suggest investor confidence in the company's long-term prospects, even as it delays a public offering.