Blockchain.com targets $500M IPO this year at $4B to $6B valuation

Blockchain.com, a crypto exchange and digital wallet provider, plans to go public this year and aims to raise about $500 million in an initial public offering. The company reached a $14 billion valuation at the peak of the crypto boom in 2022 and is now targeting a far more modest figure.

What the sources say

Bloomberg reported the plans on September 28, citing people familiar with the matter. According to the outlet, Blockchain.com is seeking an IPO valuation between $4 billion and $6 billion. The company would also consider a smaller offering if that helps complete a public listing.

The filing with the SEC

In May, Blockchain.com confidentially filed draft registration documents with the US Securities and Exchange Commission (SEC), an early step toward a listing. At the time the company did not disclose how many shares it planned to offer or a possible price range.

The market backdrop

Capital markets are gradually reopening for crypto companies. Bitcoin (BTC) has gained more than 30% since mid-August, after the US Treasury announced it would increase buybacks of long-dated government debt. Conditions remain difficult, though: shares of recently listed Gemini, BitGo and eToro are down roughly 50% to 80% from their post-IPO highs, according to Bloomberg.