Kraken vs Anchorage Digital: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Kraken and Anchorage Digital.
Kraken
Major US cryptocurrency exchange founded in 2011; 10M+ registered users across 190 countries.
IPO plausible 2027–2029 if growth trajectory holds. Liquidity may come via tender offer or strategic acquisition before listing.
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
Kraken grants ISO/NSO with strike prices ranging from $25–$50 depending on your grant year. Anchorage Digital grants ISO/NSO with strike prices from $11–$20.
Secondary market premium
The secondary market is pricing Kraken at a +3% premium over its last primary round ($10.8B → $11.1B). 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
Kraken runs at $1.5B ARR, growing +50% YoY (fast). 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
Kraken: IPO plausible 2027–2029 if growth trajectory holds. Liquidity may come via tender offer or strategic acquisition before listing.
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.