Blockchain.com eyes $500M IPO as crypto capital markets thaw: Report

Blockchain.com, the digital asset exchange and wallet provider, is reportedly seeking to raise about $500 million in an initial public offering this year, according to people cited by Bloomberg. The company is said to be targeting a valuation range of $4 billion to $6 billion, a substantial decline from its roughly $14 billion valuation at the height of the 2022 crypto boom. Sources said the firm could opt for a smaller offering if market conditions require it. The company confidentially submitted draft registration documents to the U.S. Securities and Exchange Commission in May, laying groundwork for a potential public listing. At the time of that filing, Blockchain.com did not disclose the number of shares it planned to sell or a prospective price range. The Bloomberg report supplied additional detail about the size and target valuation of the planned IPO. The timing of the filing follows a renewed lift in crypto markets that began in mid-August, when bitcoin rallied more than 30% amid broader market moves tied to U.S. Treasury policy. That rebound has helped reopen capital markets for some crypto firms, prompting renewed interest in public listings. Still, market conditions have not fully normalized for the sector: shares of several recently listed crypto companies have fallen substantially from their post-IPO highs, with declines reported in the range of roughly 50% to 80% for names such as Gemini, BitGo and eToro. If completed, Blockchain.coms offering would represent one of the larger crypto-sector IPO attempts since 2022 and could be a focal point for investors assessing appetite for public exposure to crypto infrastructure firms. The company and its advisers have not publicly confirmed the details reported to Bloomberg.