Anchorage Digital applies for CFTC swap dealer registration after derivatives volume passes $8B

Key facts

• Anchorage Digital said public companies holding Bitcoin and Ethereum drove much of its options business growth.
• Under NFA rules, a firm is a swap dealer if gross notional swap dealing trades exceed $8 billion in 12 months.
• Registration requires an NFA membership application, Form 7-R, a $15,000 fee and compliance paperwork.
• Anchorage Digital Bank is already chartered and regulated by the Office of the Comptroller of the Currency.
• CEO Nathan McCauley said registration would put its options business on the same level as established derivatives dealers.
• Galaxy Digital said it runs a CFTC registered swap dealer subsidiary while pursuing a national trust bank charter.

Anchorage Digital applied for Commodity Futures Trading Commission swap dealer registration after its crypto derivatives business crossed $8 billion in gross notional swap dealing trades over a 12-month period, the company said in a statement dated November 5, 2026.

Under National Futures Association rules, a firm is considered a swap dealer once its gross notional swap dealing trades exceed $8 billion during a 12-month period. Registration requires an NFA membership application, Form 7-R, a $15,000 application fee and compliance paperwork. A registered swap dealer subsidiary would be subject to CFTC requirements on capital, risk management, margin, confirmation and transaction reporting.

Anchorage Digital said much of its options business growth has come from public companies holding Bitcoin and Ethereum, with asset managers and investment funds also showing growing interest in derivatives to handle crypto exposure. Institutional clients have asked for regulated US counterparties and their usual legal documents, margin and reporting practices, the company said.

CEO Nathan McCauley said institutions want "a counterparty they can underwrite" and trading arrangements consistent with their existing risk management practices. According to McCauley, registration would put its options business on the same level as established derivatives dealers under federal rules.

The application follows the company's growth in custody services. Anchorage Digital Bank is already chartered and regulated by the Office of the Comptroller of the Currency. Galaxy Digital recently said it runs a CFTC registered swap dealer subsidiary while pursuing a national trust bank charter.

Days before the application, Anchorage Digital partnered with Chainlink to introduce institutional lending services through CustodySync, a protocol that will link assets held in qualified custody to decentralized lending markets. Anchorage's Atlas Collateral Management platform will monitor client loan positions, manage margin requirements and handle liquidation of assets under its custody, while Chainlink's Proof of Reserve system provides onchain records of collateral balances and its pricing services supply data for calculating loan values.