KKR Leads Anchorage Series D Raise at $3B valuation

Private equity firm KKR to lead the Anchorage Series D investment round, signaling growing interest in digital asset custody.


San Francisco, home of Anchorage; Source: Shutterstock


key takeaways

  • Anchorage is a major player in digital asset custody, and now on the radar of major Wall Street firms
  • KKR’s total assets under management reached $459 billion in Q3, 2021

Private equity firm KKR & Co is set to lead an investment round into digital asset bank Anchorage, which would value the bank at $3 billion, The Information reports.

This move by KKR continues the firm’s interest in digital assets. In September, Blockworks reported that KKR has invested as a limited partner in ParaFi Capital’s flagship fund. ParaFi manages about $1 billion and focuses on decentralized finance and blockchain technology. Recently, the company has been making moves to launch a $200 million growth fund. 

ParaFi’s founder Ben Forman was once KKR’s research head, and the firms are said to maintain close ties. 

Anchorage has attracted significant institutional interest since its inception. Earlier this year Singapore’s GIC, one of its sovereign wealth funds that’s a low-risk, blue-chip investor, closed an $80 million round into the bank, Blockworks reported. Within Asia, GIC is considered to be a very conservative investor looking for infrastructure plays, whereas its cousin, Singapore’s Temasek, is compared to Masayoshi Son’s Softbank preferring big bold bets. 

The Information also reported that Fireblocks, a custodian, is in the process of raising a round with a valuation of $8 billion.   

To date, Anchorage has raised $137 million over four funding rounds, according to Crunchbase Pro. The regulated custody of digital assets remains a significant barrier to mainstream adoption. In the US, major baking regulators FDIC, Federal Reserve and Office of the Comptroller of the Currency have been exploring how best to coordinate supervision of banks that want to provide custody services. Previously, the OCC took proactive steps to establish a “crypto bank charter” with Anchorage and Paxos two prominent recipients earlier this year.

Anchorage PR representatives, reached by Blockworks, declined to comment.

This story was updated on November 18, at 11:09 am ET.

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Upcoming Events

MON - WED, MARCH 18 - 20, 2024

Blockworks’ Digital Asset Summit (DAS) will take place March 18-20, 2024 at The Hilton London Metropole. Why London? Momentum.  London has become one of the world’s hottest crypto hubs.  Innovation is thriving, new institutional investors are flocking in, and regulators like […]

recent research

l1 cover.png


This analysis focuses on financial metrics for general-purpose L1 blockchains. In many ways, L1s should be viewed as an entirely new asset class more comparable to digital economies than traditional businesses. L1s are the core infrastructure enabling the creation of new-age businesses like onchain protocols.


Ripple previously announced its intent to acquire Fortress on Sept. 8


Four patent applications were published since Sept. 21, suggesting that PayPal is taking a close look at distributed ledger tech


If the market wasn’t quite so boring, perhaps BitBoy’s flameout would have been a little less fiery


Developers have a new testnet running, but devnet testing the Dencun upgrade is running behind schedule


A handful of Democrats are joining the anti-Gensler and pro-crypto movement


The Bank of International Settlements conducted the project in partnership with central banks from France, Singapore and Switzerland