This Anchorage Digital company profile covers the company's valuation, revenue, funding rounds, investors and history. Anchorage Digital works in crypto, with a focus on institutional custody and banking. It was founded in 2017 and is headquartered in San Francisco, California, United States. Its latest valuation on record is US$4.2 billion (February 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Feb 2026 | Strategic equity investment | US$100M | US$4.2B | Tether | The Block |
| Dec 2021 | Series D | US$350M | More than US$3B | KKR (lead) | Wikipedia (summary of reports) |
Anchorage Digital timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2017 — Anchorage Digital is founded in San Francisco by Nathan McCauley (CEO) and Diogo Mónica.
- Dec 2021 — Series D: US$350M, valuing the company at More than US$3B. Investors: KKR (lead).
- Feb 2026 — Strategic equity investment: US$100M, valuing the company at US$4.2B. Investors: Tether.
Investors
Overview
Anchorage Digital provides crypto custody, trading, staking, financing and stablecoin services to institutions. Its best-known distinction is regulatory: in 2021 its subsidiary Anchorage Digital Bank became the first crypto company to receive a national trust bank charter from the US Office of the Comptroller of the Currency (OCC). That charter allows it to hold digital assets for clients under federal supervision, which matters to asset managers, pension funds, corporations and banks that need a regulated custodian before they can invest in crypto.
The company was founded in 2017 by Nathan McCauley and Diogo Mónica, security engineers who had previously worked at Docker and Square. In February 2026 Tether, the issuer of the world's largest stablecoin, made a US$100 million equity investment in Anchorage at a US$4.2 billion valuation, alongside an employee tender offer, according to The Block. Anchorage had earlier raised a US$350 million Series D led by KKR in December 2021 at a valuation of more than US$3 billion.
Products
- Custody: secure storage of digital assets for institutions, using hardware security modules and biometric approvals rather than traditional paper or seed phrases.
- Trading and settlement: institutional execution across multiple liquidity venues, with assets kept in custody.
- Staking and governance: participation in proof-of-stake networks so clients can earn rewards without moving assets out of custody.
- Stablecoin services: issuance, reserve management and infrastructure for companies launching or using stablecoins.
- Financing: lending and collateral services backed by digital assets.
- Porto: a self-custody wallet for institutions that want to hold their own keys.
Funding
Anchorage raised early funding from Andreessen Horowitz and other venture investors, followed by a Series C led by GIC. In December 2021 it raised a US$350 million Series D led by KKR, which was reported to value it at more than US$3 billion. Strategic investors over time have included Goldman Sachs and Visa. In February 2026 Tether invested US$100 million at a US$4.2 billion valuation, deepening a relationship in which Anchorage provides infrastructure for Tether's US-focused stablecoin activities, as reported by The Block. The transaction also provided liquidity for employees through a tender offer.
Business model
Anchorage earns fees on assets held in custody, typically a percentage of assets per year, plus fees on trading, staking rewards, lending and stablecoin services. Revenue rises with the value of client assets and the activity of institutional investors. Its banking charter allows it to serve clients that cannot use unregulated providers, which supports premium pricing. Stablecoin services provide a potentially large new source of revenue as regulated stablecoins grow.
Competition
Anchorage competes with Coinbase Custody, BitGo, Fireblocks (which provides technology rather than acting as custodian), traditional banks such as BNY that offer digital asset custody, and stablecoin infrastructure firms such as Paxos. Large exchange-traded fund issuers choose custodians carefully, and much of the spot Bitcoin ETF custody market went to Coinbase. Anchorage differentiates through its federal charter and its security approach.
Anchorage Digital at a glance
Anchorage Digital is a crypto platform founded in 2017 by Nathan McCauley and Diogo Mónica. Its subsidiary holds a US federal trust bank charter, which it received in 2021 as the first crypto company to do so. It offers custody, trading, staking, financing and stablecoin services to institutions. Tether invested US$100 million at a US$4.2 billion valuation in February 2026, following a US$350 million Series D led by KKR in 2021.
Timeline
- 2017: founded by Nathan McCauley and Diogo Mónica.
- January 2021: Anchorage Digital Bank receives OCC approval for a national trust charter.
- December 2021: raises US$350 million led by KKR at more than US$3 billion.
- 2022: receives an OCC consent order requiring improvements to anti-money-laundering controls.
- 2024–2025: expands stablecoin and staking services as US crypto policy shifts.
- February 2026: Tether invests US$100 million at US$4.2 billion.
Why institutions need regulated custodians
Pension funds, endowments, insurance companies and asset managers have legal duties to protect client assets. Many are required by regulation or internal policy to hold assets with a qualified custodian. For crypto, this means finding a firm that can securely store private keys, is supervised by regulators, undergoes audits and has clear legal protections for client assets. Exchange collapses such as FTX in 2022 reinforced the importance of keeping custody separate from trading venues. Anchorage's federally chartered bank provides this assurance for institutions that want regulated exposure.
How Anchorage secures assets
Traditional crypto storage often relies on keys written on paper or held in offline "cold storage" vaults, which can be slow to access and vulnerable to human error. Anchorage uses hardware security modules, specialised tamper-resistant devices, combined with biometric verification and multi-party approval policies. Transactions require approvals from authorised people on registered devices, and the system can enforce rules such as transaction limits and address whitelists. This approach aims to combine strong security with faster access than traditional cold storage.
Stablecoins and the Tether relationship
Stablecoins are tokens pegged to currencies such as the US dollar and backed by reserves. New US stablecoin legislation created a framework for regulated issuers, and many companies, including banks and fintechs, are exploring launching their own stablecoins. Anchorage offers infrastructure to issue, manage and settle stablecoins under its bank charter. Tether, historically based outside the US, has worked to expand regulated US operations, and its investment in Anchorage reflects that strategy. The relationship is strategically important but also creates concentration: a single large partner can have significant influence.
Regulatory history
In 2022 the OCC issued a consent order requiring Anchorage to improve its anti-money-laundering and compliance controls. Such orders are not uncommon for fast-growing financial firms, and Anchorage continued operating while making improvements. Regulators later lifted the order, according to subsequent reports. For investors and clients, how a custodian handles regulatory scrutiny is as important as its technology.
Who funds Anchorage Digital
Anchorage's investors include Tether, KKR, Andreessen Horowitz, GIC, Goldman Sachs and Visa.
Valuation context
The rise from more than US$3 billion in 2021 to US$4.2 billion in 2026 contrasts with the many crypto companies whose valuations fell after 2021. It reflects the value investors place on regulated infrastructure and stablecoins. Our guides to the largest private crypto companies and crypto infrastructure companies compare Anchorage with peers.
Risks
- Partner concentration: a large share of stablecoin activity may depend on a few partners, including Tether.
- Competition: traditional banks and Coinbase compete for institutional custody.
- Regulatory obligations: a bank charter brings strict supervision and compliance costs.
- Market cycles: fees on assets under custody fall when crypto prices fall.
Questions for institutional clients
- Which legal entity holds your assets, and under what regulatory framework?
- How are client assets segregated and protected in insolvency?
- What approval policies and audit reports are available?
- Which assets and staking networks are supported?
What to watch
Watch growth in stablecoin services, new bank and asset manager clients, any further funding or IPO plans, and how US stablecoin rules are implemented.
Takeaways
Institutions can hold crypto with a federally chartered custodian. Founders can see how regulatory licences can become a durable advantage. Investors should watch partner concentration and stablecoin growth.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Anchorage Digital do?
Anchorage Digital is a crypto / institutional custody and banking company headquartered in San Francisco, California, United States. It was founded in 2017.
What is Anchorage Digital's valuation?
Anchorage Digital was valued at US$4.2 billion as of February 2026, according to The Block. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Anchorage Digital make?
Anchorage Digital is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Anchorage Digital's latest funding round?
The most recent financing we have verified is a strategic equity investment in Feb 2026: US$100M, at a valuation of US$4.2B. Source: The Block.
Who are Anchorage Digital's investors?
Investors named in public announcements include Tether, KKR, Andreessen Horowitz, GIC, Goldman Sachs and Visa.
Who founded Anchorage Digital?
Anchorage Digital was founded in 2017 by Nathan McCauley (CEO) and Diogo Mónica.
Is Anchorage Digital a public company?
No. Anchorage Digital is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Anchorage Digital headquartered?
Anchorage Digital is headquartered in San Francisco, California, United States.