Fireblocks vs Anchorage Digital: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Fireblocks and Anchorage Digital.
Fireblocks
Digital-asset custody and settlement infrastructure used by 1,800+ financial institutions including BNY Mellon, BNP Paribas, and ANZ.
No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
Crypto-adjacent with cycle sensitivity; ISO/NSO options; liquidity tracks market conditions
Anchorage Digital
Federally chartered digital asset bank and custody platform for institutions — the first US crypto company to receive an OCC national bank charter (Jan 2021).
No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
Crypto-adjacent with cycle sensitivity; ISO/NSO options; liquidity tracks market conditions
Key differences for employees
Equity structure
Fireblocks grants ISO/NSO with strike prices ranging from $20–$38 depending on your grant year. Anchorage Digital grants ISO/NSO with strike prices from $11–$20.
Secondary market premium
The secondary market is pricing Fireblocks at a +2% premium over its last primary round ($8B → $8.2B). Anchorage Digital trades at +3% over its last round ($3B → $3.1B). A higher secondary premium signals stronger investor demand and potentially better near-term liquidity for employees looking to sell.
Revenue and growth
Fireblocks runs at $0.2B ARR, growing +40% YoY (solid). Anchorage Digital runs at $0.1B ARR, growing +20% YoY (solid). Revenue growth rate matters for equity because it drives the peer-multiple valuation — the method most correlated with exit multiples.
Liquidity timeline
Fireblocks: No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
Anchorage Digital: No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
Calculate your specific grant
Enter your actual shares, equity type, and strike price. PrivatePulse calculates your personal equity value at both companies using 4 independent methods.