Anchorage acquires Hedgey for a complete layout! Building a token empire from custody to TGE

Anchorage Digital announced this week the acquisition of the token equity management startup Hedgey, marking the second acquisition Anchorage has completed in three days. On Monday, Anchorage had just acquired Securitize’s wealth management division, and now it integrates Hedgey’s token allocation, distribution, and vesting management technology.

From Custodian Giant to Token Lifecycle Manager: A Strategic Transformation

(Source: Anchorage Digital)

Anchorage is the first cryptocurrency company to obtain a federal banking license from the U.S. Office of the Comptroller of the Currency (OCC). As more crypto firms venture into the digital banking space, Anchorage has been expanding its operations. For example, Anchorage has become increasingly active in the stablecoin sector and is expanding its wealth management team. This acquisition of Hedgey marks a key step in Anchorage’s strategic transformation.

Traditionally, Anchorage is known for its institutional-grade digital asset custody services. However, pure custody businesses face intensifying competition in the crypto space, with rivals like Coinbase Custody, BitGo, and Fireblocks vying for market share. Anchorage recognizes that to maintain its leadership, it must extend upstream and downstream along the token lifecycle to offer more comprehensive services.

Anchorage CEO Nathan McCauley stated: “Founders should focus on developing products, communities, and user bases, rather than operational risks. When dealing with tokenomics, especially with institutional investors, the infrastructure you choose determines your reputation.” This statement reveals Anchorage’s core value proposition: providing reliable infrastructure so entrepreneurs can focus on their core business.

By integrating Hedgey, Anchorage can offer clients a one-stop service from token design, issuance, distribution, to long-term management. This vertical integration strategy allows Anchorage to capture value at each stage while providing a seamless experience for clients. For projects preparing for a Token Generation Event (TGE), choosing Anchorage means avoiding the need to coordinate with multiple service providers, reducing operational costs and risks.

How Hedgey’s Technology Complements Anchorage’s Token Ecosystem Puzzle

Hedgey provides a platform for managing token distribution, issuance, and vesting plans, facilitating TGEs and post-issuance token tracking. These features are critical for any project conducting a TGE but are often the most error-prone parts. Token allocation involves complex smart contract logic, and vesting plans require long-term tracking and execution, with errors potentially leading to legal disputes or community trust issues.

McCauley added that by integrating Hedgey and employing its experienced team, Anchorage aims to reduce the “friction and errors” common in managing token equity tables. On X, Anchorage pointed out that its newly acquired platform can help startups ensure their “complete equity structure,” facilitate “white-glove onboarding,” and manage “vesting and distribution” through fine-grained control over grant types and tax options.

White-glove onboarding is a key differentiator for Anchorage’s services. Many token management platforms offer self-service tools, but for projects handling hundreds of millions of dollars in token allocations, they need professional guidance and customized solutions. Through acquiring Hedgey, Anchorage can provide this high-end service to high-value clients.

“In addition to token management and distribution, we can also help you consider how to establish custody and staking support for your assets, distribution, market-making strategies, and comprehensive cash and crypto asset management,” Anchorage stated. This description clearly demonstrates Anchorage’s vision for full lifecycle services: from token creation, custody, market liquidity management, to long-term asset allocation, aiming to be the sole partner for projects.

The Value of OCC Licensing in the New Competitive Landscape

Last week, the U.S. Office of the Comptroller of the Currency (OCC), one of the top banking regulators, conditionally approved five crypto companies—Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos—to become trust banks. These companies are likely to seek limited-purpose bank charters to provide stablecoin services under the GENUIS Act signed into law by President Trump this summer.

This development presents both opportunities and challenges for Anchorage. On one hand, more competitors entering the regulated crypto banking space mean Anchorage’s OCC license advantage is being eroded. On the other hand, Anchorage, as the first licensed firm, has accumulated years of compliance experience and regulatory relationships, creating a significant first-mover advantage that is hard to replicate.

Anchorage’s Three Major Moats

First-mover OCC license advantage: As the first to obtain a federal banking license, Anchorage leads in regulatory understanding and compliance processes compared to competitors.

Full lifecycle service integration: Through acquisitions of Hedgey and Securitize’s wealth management division, Anchorage offers a complete ecosystem from token creation to asset management.

Institutional-grade trust foundation: Years of serving institutional clients have built a strong brand reputation, giving Anchorage an edge in attracting high-value projects.

Anchorage’s dual acquisition strategy demonstrates its keen insight into changing competitive dynamics. As giants like Circle and Ripple also receive OCC approval, relying solely on regulatory licenses is no longer sufficient for maintaining a competitive edge. Anchorage must build new moats in service depth and breadth, and token lifecycle management is an underdeveloped blue ocean market.

Future Ambitions for Token Economics Infrastructure

Anchorage’s vision is not just to provide services but to become the infrastructure layer of the token economy. By controlling every stage from token design to long-term management, Anchorage can build a self-reinforcing ecosystem. Projects conducting TGEs using Anchorage will naturally choose Anchorage’s custody services; assets held in Anchorage custody can seamlessly access Anchorage’s wealth management and market-making services.

This ecosystem lock-in effect is crucial for Anchorage’s long-term value. In fintech, higher switching costs mean deeper moats. When a project’s equity table, token records, custody assets, and investment portfolios are all within Anchorage’s system, the friction and costs of switching to other providers are extremely high.

As more traditional enterprises explore tokenization, Anchorage’s full lifecycle services will become even more attractive. Corporate clients need not only technical solutions but also compliance assurance and long-term partnership. Anchorage’s OCC license and comprehensive service capabilities position it as an ideal partner for these enterprises.