Anchorage Digital Revenue, Valuation, Funding & Investors

Anchorage Digital is valued at $4.2B as of February 2026, a 49.4x multiple on its last reported $85M revenue.

Last Anchorage Digital valuation

$4.2B

Secondary · Feb 2026

Last Anchorage Digital funding round

$350M

Series D · Dec 2021

Anchorage Digital revenue

$85M

Secondary · Feb 2026

Key investors in Anchorage Digital

  • Andreessen Horowitz
  • Blockchain Capital
  • Khosla Ventures
  • SV Angel
  • Lux Capital
  • KKR

Anchorage Digital Overview

About Anchorage Digital

Anchorage Digital is a San Francisco-headquartered federally chartered digital asset bank providing custody, trading, staking, and governance services to institutions. The platform operates Anchorage Digital Singapore for Asia-Pacific clients and maintains offices in New York, Porto, and Sioux Falls. Founded in 2017, Anchorage Digital secures over $50 billion in assets under custody for hedge funds, exchanges, and foundations.


Founded

2017

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Services

Revenue

$85M (Feb 2026)

Valuation

$4.2B (Feb 2026)

Anchorage Digital Valuation

Anchorage Digital is currently valued at $4.2B, based on its secondary sale in February 2026.

The $100M round was led by Tether.

Anchorage Digital's valuation has grown 1.4x from $3B at its Series C in February 2021 to $4.2B in February 2026, across 3 priced rounds.

Anchorage Digital valuation by funding round

Revenue multiple
Anchorage Digital valuation by funding round
DateStageValuationRevenue Multiple
Feb 2026Secondary$4.2B49.4x
Dec 2021Series D$3B-
Feb 2021Series C$3B-

Anchorage Digital Revenue

Anchorage Digital's latest recorded revenue is $85M, as of its secondary sale in February 2026. At a $4.2B valuation, that implies a 49.4x revenue multiple.

Anchorage Digital revenue by funding round

Anchorage Digital revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2026$85M$4.2B49.4xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Anchorage Digital Funding History

Anchorage Digital has raised a total of $487M across 4 funding rounds, plus 1 secondary share sale.

Anchorage Digital's first fundraising round was a $17M Series A in January 2019. The most recent completed round was a $350M Series D in December 2021.

Anchorage Digital funding rounds

Anchorage Digital funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2026SecondaryTether (lead)$100M$4.2BAnchorage Digital, the first federally chartered digital asset bank in the US founded in 2017, provides institutional clients with crypto services including trading, staking, custody, settlement, governance, and stablecoin issuance. The company operates offices in Singapore, Portugal, and the US, and its banking subsidiary, Anchorage Digital Bank N.A., issues Tether's US stablecoin USA₮ for the American market. Tether invested $100 million in equity, valuing Anchorage Digital at $4.2 billion. This transaction coincided with the launch of the company's first employee tender offer, allowing staff to sell equity at the same $4.2 billion valuation to provide liquidity without raising primary capital. The investment builds on prior collaboration between Tether and Anchorage Digital, following Tether's selection of Anchorage as its US stablecoin issuer. Previously, Anchorage achieved a $3 billion valuation in 2021 after a $350 million Series D round led by KKR. Anchorage Digital maintains a strong capital position and is positioned as a leader in regulated crypto banking, with potential plans for a major funding round or US IPO in 2026.
Dec 2021Series DKKR (lead)$350M$3BAnchorage Digital, a San Francisco-based digital asset platform founded in 2017, provides institutional-grade custody, trading, staking, governance, and financing solutions for crypto assets. The company holds a federal banking charter as a digital asset bank, distinguishing it from other custodians, and offers compliant infrastructure that integrates with emerging blockchain use cases. It serves major institutional investors and enterprise brands, with offices in New York, Porto, Singapore, and Sioux Falls. On December 15, 2021, Anchorage Digital closed a $350 million Series D funding round led by KKR through its Next Generation Technology Growth Fund II, marking KKR's first direct equity investment in a digital asset company. The round valued the company at over $3 billion post-money. Participants included Goldman Sachs, Alameda Research, Andreessen Horowitz, Apollo credit funds, BlackRock-managed funds, Blockchain Capital, Delta Blockchain Fund, Elad Gil, GIC, GoldenTree Asset Management, Innovius Capital, Kraken, Lux Capital, PayPal Ventures, Senator Investment Group, Standard Investments, Thoma Bravo, and Wellington Management. The funding aims to enhance custom crypto infrastructure for global financial services and fintech clients, accelerate institutional navigation of crypto trends, expand product offerings like DeFi integrations, support existing clients, and grow the team. In 2021 leading up to the round, Anchorage achieved 175% headcount growth and over 800% business growth for each of the prior two years. The round followed a Series C of $80 million less than a year earlier, bringing total funding to around $487 million across rounds. Anchorage's regulated status and focus on institutional adoption position it as a key player in digital asset infrastructure amid rising Wall Street interest. Investors highlighted its secure, adaptable platform combining modern security with usability. The company also provides fiat custody via FDIC-insured sub-custodians and continues to evolve services for the digital economy.
Feb 2021Series CGIC (lead); SCB 10X; Lux Capital; Blockchain Capital; Andreessen Horowitz; Indico Capital Partners$80M$3BAnchorage Digital is a cryptocurrency custody and financial services platform that enables institutions to participate in digital assets through custody, staking, trading, governance, and settlement services. The company operates Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., and also serves institutions through offices in Singapore, New York, and Portugal. In February 2021, Anchorage Digital announced an $80 million Series C funding round led by GIC, Singapore's sovereign wealth fund, with participation from Andreessen Horowitz and other prominent investors, bringing the company's valuation to $3 billion or higher. The company experienced significant growth in 2021, expanding its team by 175% and growing its business by 800% at a $3 billion-plus valuation. During this period, Anchorage developed major product innovations including the industry's first major payments network to settle transactions in USD Coin (USDC) with Visa, became the first U.S. bank to custody an NFT, and launched the first digital asset Alternative Trading System (ATS). The company also served as custodian for the first tokenized S&P funds and began working with banking cores to enable new crypto products, receiving SOC 1 Type 2 and SOC 2 Type 1 attestation reports to demonstrate security compliance.
Jul 2019Series BBlockchain Capital (lead); Visa; Andreessen Horowitz; Intersection Growth Partners; Elysium Venture Capital$40M-Anchorage Digital raised a $40 million Series B funding round in 2019 led by Blockchain Capital, with participation from Visa and others including Andreessen Horowitz. The round aimed to accelerate the growth of crypto finance, enhance custody services enabling staking, governance, trading, and other prime brokerage-like features to meet rising institutional demand. Blockchain Capital highlighted Anchorage's advanced security engineering modernizing crypto custody beyond cold storage. Anchorage Digital operates as a global crypto platform for institutions, providing trading, staking, custody, governance, settlement, and stablecoin issuance, backed by leading security infrastructure. It houses Anchorage Digital Bank N.A., the first federally chartered crypto bank in the U.S., with additional entities like Anchorage Digital Singapore (MAS-licensed), Anchorage Digital NY (BitLicense holder), and self-custody wallet Porto. The company, founded in 2017 in San Francisco, also maintains offices in New York, Porto, Singapore, and Sioux Falls, and offers FDIC-insured fiat custody via a sub-custodian. The 2019 round positioned Anchorage amid growing institutional interest in regulated digital asset custody, addressing barriers to mainstream adoption as noted in contemporary reports. Subsequent developments included further expansions and unicorn status by late 2021, with ongoing investments from firms like GIC, Goldman Sachs, and KKR reflecting sustained traction in institutional crypto services.
Jan 2019Series AAndreessen Horowitz (lead); SV Angel; Max Levchin; SciFi VC; Naval Ravikant; Avichal Garg; Khosla Ventures; Polychain; Elad Gil; Mark S. McCombe; #Angels$17M-Anchorage Digital raised $17 million in a Series A funding round in January 2019 led by Andreessen Horowitz, with participation from Khosla Ventures, SciFi VC (Max Levchin), Mark S. McCombe, Elad Gil, Naval Ravikant, Polychain, and SV Angel, among others. The funding supported development of its secure crypto custody platform and integrations with institutional partners. Anchorage Digital is a San Francisco-based crypto platform providing custody, staking, trading, and other financial services for institutions. The company subsequently raised additional rounds, including a $40 million Series B in July 2019 or 2020 led by Blockchain Capital and Visa, a Series C of $80 million in February 2021 led by GIC and Andreessen Horowitz, and a $350 million Series D in December 2021 led by KKR at a $3 billion valuation. Total funding across rounds reached $487 million. Anchorage onboarded leading crypto funds with billions in assets under management and grew its team significantly by 2019.

Who has invested in Anchorage Digital?

21 investors have backed Anchorage Digital across its funding rounds, including Andreessen Horowitz, Blockchain Capital, Khosla Ventures, SV Angel, Lux Capital and KKR.

Lead investors include Tether, KKR, GIC, Blockchain Capital and Andreessen Horowitz.


Anchorage Digital Investors

Investors in Anchorage Digital by funding rounds participated
InvestorHQRoundsRoleFirst check
Andreessen HorowitzUnited StatesSan Francisco, CA3LeadJan 2019
Blockchain CapitalUnited StatesSan Francisco, CA2LeadJul 2019
KKRUnited StatesNew York City, NY1LeadDec 2021
SCB 10XThailandBangkok1ParticipantFeb 2021
SV AngelUnited StatesSan Francisco, CA1ParticipantJan 2019
Max LevchinUkraineUkraine1ParticipantJan 2019
Lux CapitalUnited StatesNew York City, NY1ParticipantFeb 2021
SciFi VCUnited StatesSan Francisco, CA1ParticipantJan 2019
VisaUnited StatesSan Francisco, CA1ParticipantJul 2019
GICSingaporeSingapore1LeadFeb 2021
TetherEl SalvadorSan Salvador1LeadFeb 2026
Naval RavikantUnited StatesSan Francisco, CA1ParticipantJan 2019
Avichal GargUnited StatesSan Francisco, CA1ParticipantJan 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Anchorage Digital

Anchorage Digital has acquired 3 companies to date.

Last acquisition by Anchorage Digital was on November 26th 2025. Anchorage Digital acquired Securitize for Advisors for undisclosed valuation.


Latest Acquisitions by Anchorage Digital

Securitize for Advisors
Mountain Protocol
Merkle Data
Description
Securitize for Advisors is wealth management software tailored for registered investment advisors to handle digital asset securities.
Mountain Protocol is a stablecoin issuer offering USDM, a yield-bearing asset backed by US Treasuries and custodied by Fidelity in a bankruptcy-remote structure. Regulated and enterprise-grade, USDM provides permissionless composability for DeFi applications with seamless user access to risk-free rates.
Merkle Data is a blockchain analytics provider supplying indexed transaction data, wallet tracking, and API endpoints for developers building decentralized applications. London-based, it covers Ethereum, Bitcoin, and layer-2 networks with real-time feeds for trading platforms and compliance tools. Merkle Data powers dashboards for DeFi protocols and NFT marketplaces worldwide.
HQ CountryUnited StatesUnited StatesUnited States
HQ City
-
Boston, MA
New York City, NY
Deal Date26 Nov 202512 May 202515 Jan 2020
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Anchorage Digital

Anchorage Digital has invested in 6 companies to date.

Latest investment by Anchorage Digital was on July 29th 2026. Anchorage Digital invested in Bundle in their $6M Pre-seed round.


Latest Investments by Anchorage Digital

Bundle
Ethlabs
Saturn
OpenEden
Description
Bundle is a rewards network that pools incentive budgets from multiple brands to expand loyalty options available to participating companies.
Ethlabs is a nonprofit research lab. The organization develops core technology and standards to make Ethereum faster, more secure, and ready for institutional adoption.
Saturn is a financial application constructed on digital credit.
OpenEden is a blockchain protocol that tokenizes real-world assets like U.S. Treasuries for on-chain yield generation and DeFi integration. Singapore-headquartered, it issues TBILL tokens backed 1:1 by short-term U.S. government securities held in custody, enabling users to earn stable returns without selling crypto holdings. Launched in 2023, OpenEden partners with custodians and operates on Ethereum and BNB Chain.
HQ Country---Singapore
HQ City
-
-
-
Singapore
Deal Date29 Jul 202621 Jun 20267 May 20261 Dec 2025
RoundPre-seedSeedSeedStrategic investment
Raised$6Mundisclosed$2Mundisclosed
InvestorsScenius Capital Management; Nascent; GSR; Nuwa Capital; Further Ventures; Ethereal VenturesSharplink; Joseph Lubin; Octant Labs; BitMine; SNZ HoldingSusquehanna Crypto; The Spartan GroupFlowdesk; Polygon Ventures; FalconX; Kaia; Gate Ventures; Selini Capital; Faction; Sigma Capital Group
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Anchorage Digital Competitors

Anchorage Digital competitors include listed companies like Securitize and Tadawul Group, and private ones like LayerZero Labs, Paxos, 2TM and Sorare.

Public and private companies comparable to Anchorage Digital
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LayerZero LabsCanadaVancouverPrivate--$3B-
PaxosUnited StatesNew York City, NYPrivate--$2.4B-
2TMBrazilBrazilPrivate--$2.1B-
SecuritizeUnited StatesUnited StatesPublicly listed$62M($34M)$1.5B22.2x
SorareFranceParisPrivate$150M-$4.3B28.7x
Tadawul GroupSaudi ArabiaSaudi ArabiaPublicly listed$336M$162M$3.9B9.6x

Anchorage Digital Public Comps

Anchorage Digital is still privately-owned, but its public comps include Galaxy Digital, Nanjing Securities, Moelis & Company, Western Securities, Southwest Securities, PJT Partners, Tadawul Group, BOC International China, Hongta Securities and China Great Wall Securities.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Galaxy Digital$60B($177M)0.1x0.2x(43.3x)(182.6x)
Nanjing Securities$418M-10.4x10.1x--
Moelis & Company$1.5B$339M2.9x2.6x13.0x12.1x
Western Securities$892M-5.0x5.8x--
Southwest Securities$438M-8.9x7.3x--
PJT Partners$1.7B$374M2.3x2.0x10.3x9.2x
Tadawul Group$336M$162M9.9x9.6x20.7x26.6x
BOC International China$506M-9.2x---

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Common questions about Anchorage Digital

When was Anchorage Digital founded?Anchorage Digital was founded in 2017.
Where is Anchorage Digital headquartered?Anchorage Digital is headquartered in San Francisco, CA, United States.
Is Anchorage Digital publicly listed?No, Anchorage Digital is a private, VC-backed company.
What is Anchorage Digital's valuation?Anchorage Digital was last valued at $4.2B in its secondary sale in February 2026.
How much funding has Anchorage Digital raised?Anchorage Digital has raised $487M across 4 funding rounds.
What was Anchorage Digital's last funding round?Anchorage Digital's last funding round was a $350M Series D in December 2021, led by KKR.
Who are Anchorage Digital's investors?Anchorage Digital's investors include Andreessen Horowitz, Blockchain Capital, KKR, SCB 10X, SV Angel, Max Levchin, Lux Capital, SciFi VC, Visa, GIC and 11 others.
What is Anchorage Digital's revenue?Anchorage Digital's latest recorded revenue is $85M (February 2026).
What is Anchorage Digital's revenue multiple?Anchorage Digital's latest valuation implies a 49.4x revenue multiple ($4.2B valuation on $85M of revenue).
Which companies are comparable to Anchorage Digital?Companies comparable to Anchorage Digital include LayerZero Labs, Paxos, 2TM, Securitize, Sorare and Tadawul Group.
How many companies has Anchorage Digital acquired?Anchorage Digital has acquired 3 companies, including Securitize for Advisors, Mountain Protocol and Merkle Data.
How many companies has Anchorage Digital invested in?Anchorage Digital has invested in 6 companies, including Bundle, Ethlabs, Saturn, OpenEden, Turtle Club and Hyperbeat.
What was Anchorage Digital's last investment?In July 2026, Anchorage Digital invested in Bundle's $6M pre-seed round alongside Scenius Capital Management, Nascent, GSR and 3 other investors.

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