Anchorage Digital is a software company based in the United States, specializing in financial software solutions for institutional clients engaged in the cryptocurrency and digital asset space. Founded in 2017, the company has grown to employ between 201 and 500 individuals and reported revenue of approximately $84 million. Anchorage Digital provides guidance on participation in Bitcoin-native decentralized finance (DeFi) through its published document, "How to Participate in BTCFi Primer for Institutions." This document outlines the risks associated with holding cryptocurrencies and other digital assets, emphasizing the speculative nature of such investments. It discusses the evolution of Bitcoin's functionality beyond simple transactions, highlighting developments like staking, liquid staking, and decentralized finance activities such as lending and borrowing. The company also notes the increasing institutional interest in Bitcoin and the potential impact of regulatory clarity on market adoption. Overall, Anchorage Digital focuses on facilitating institutional engagement with digital assets while addressing the associated risks and opportunities in the evolving financial landscape.