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Anchorage Digital raises $350 million in latest funding round, led by KKR

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3 years ago

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Anchorage Digital, a digital asset financial platform, said on Wednesday it raised $350 million in its latest funding round led by private equity firm KKR & Co Inc.

The capital raised by the firm lifted its valuation to $3 billion. Based in San Francisco, Anchorage is a regulated platform that provides both prime services such as custody, lending, and trading, as well as infrastructure, which companies can use to build cryptocurrency products.

Goldman Sachs, Andreessen Horowitz, Apollo credit funds and Wellington Management, among other investors, also participated in the financing round, Anchorage said. Reuters confirmed their investment, which entitled them to an equity stake in the digital asset firm.

“We wanted to make sure that all these big investment names are in our corner because Anchorage is expanding really heavily toward larger financial institutions,” Diogo Mónica, president and co-founder of Anchorage, told Reuters in a phone interview.

Anchorage received its banking charter from the Office of the Comptroller (OCC) in January 2021.

Mónica also pointed out that the funds would be used, in part, to accelerate the company’s international expansion.

“We want to continue to expand internationally, ensuring that we not only have our regulated federal charter … but also get equivalent registrations in other countries,” he added.

Anchorage also said it plans to use this latest funding to enhance its infrastructure solutions, specifically for global financial firms and financial tech innovators.

KKR, in a statement, said it is investing in Anchorage through its Next Generation Technology Growth Fund II, a fund dedicated to growth equity investment opportunities in the technology space. This will be the firm’s first direct equity investment in a digital asset company, it added.

The U.S. private equity firm also backed the flagship fund of ParaFi Capital, according to reports from Bloomberg and CoinDesk. ParaFi focuses on decentralized finance applications facilitating crypto-denominated lending outside traditional banking.

Anchorage’s latest funding followed a previous financing round that raised $80 million for the company. Its client base surged 96% this year.

 

(Reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Matthew Lewis)

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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5 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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