Anchorage Digital Targets $400M Raise; BitGo Prices IPO at $2B Valuation

Anchorage Digital is aggressively tapping private markets for a $200 million to $400 million war chest, eyeing a 2027 public debut. The move comes as rival custodian BitGo solidifies the sector’s maturity, pricing its own IPO earlier this week.

The Pre-IPO Sprint

Sources close to the matter indicate the federally chartered crypto bank seeks to bolster its balance sheet following a year of operational scaling. While Anchorage last raised $350 million in 2021 at a $3 billion valuation, this new tranche targets expansion in the regulated stablecoin sector, a vertical blown open by the passage of the GENIUS Act in July 2025.

"2025 was our year of scale," an Anchorage spokesperson noted, citing the launch of USAT (with Tether) and USDtb (with Ethena Labs).

The capital injection would likely force a valuation re-check, though specific terms remain under wraps. Unlike its competitors, Anchorage holds a distinct advantage: it remains the only crypto-native firm with a full OCC national trust charter, a moat that has widened since Washington formalized digital asset infrastructure rules last summer.

BitGo Sets the Mark

The urgency for Anchorage arrives as its direct competitor, BitGo, crosses the Rubicon. BitGo priced its offering on January 12, selling 11.8 million shares at $15–$17 to raise nearly $201 million. The deal values the Palo Alto custodian at approximately $1.96 billion.

BitGo is slated to begin trading on the NYSE under the ticker BTGO on January 22. The market’s reception of BTGO will serve as a critical bellwether for Anchorage’s own 2027 aspirations and Kraken’s pending S-1, filed back in November.

Institutional Plumbing

With Bitcoin consolidating near $92,000, the infrastructure narrative has shifted from custodial storage to yield-bearing settlement layers. Anchorage plans to double its stablecoin team in 2026, betting that regulated, yield-bearing dollars will dominate institutional flows. The race is no longer about who holds the keys, but who settles the payment.