Blockchain.com Reportedly Eyes $500 Million IPO at Up to $6 Billion Valuation

Cryptocurrency firm Blockchain.com is exploring a potential initial public offering later this year that could raise approximately $500 million, according to a report from Bloomberg. The IPO could value the digital asset service provider at between $4 billion and $6 billion, though the final terms remain subject to change.

Offering Details

The potential listing follows a confidential filing the company reportedly made with the U.S. Securities and Exchange Commission earlier this year. According to Bloomberg's sources, while the target is to raise $500 million, executives would consider a smaller offering if market conditions warrant.

The move represents a renewed push toward the public markets for Blockchain.com, which had previously considered an IPO in 2022. The company is said to be supported by three consecutive years of adjusted profitability, a factor it may leverage to attract investors.

Testing Investor Appetite

Blockchain.com's potential debut is timed to capitalize on a partial recovery in the digital asset market, which has seen Bitcoin climb 33% since mid-August. A successful offering would serve as a key test of institutional investor appetite for retail-facing crypto companies following a volatile period for the sector.

Previous crypto-related listings have faced significant headwinds. According to the report, shares of firms that went public before the last crypto market downturn have performed poorly:

Ad

• Gemini Space Station Inc.
• Bullish
• Etoro Group Ltd.

These companies saw their stock values decline by roughly 50% to 80%, effectively freezing the IPO pipeline for other digital asset firms.

Valuation and Background

Founded in 2011, Blockchain.com has raised $537 million in equity to date. The proposed IPO valuation of $4 billion to $6 billion is a significant discount from its peak private valuation of $14 billion.

Its most recent funding was a $110 million Series E round in 2023, led by Kingsway Capital, which valued the company at less than half of its 2022 peak. Meanwhile, rival exchange Kraken continues to pursue its own listing, though that debut may be delayed until 2027, Bloomberg reported.