Blockchain.com Targets $500M IPO as Crypto Capital Markets Reopen

Blockchain.com is preparing to raise approximately $500 million through an initial public offering later this year, according to people cited by Bloomberg. The crypto exchange and wallet provider is seeking a valuation between $4 billion and $6 billion, well below the $14 billion peak it reached during the 2022 crypto boom. The company has also indicated flexibility to proceed with a smaller offering if market conditions warrant.

The move comes after Blockchain.com confidentially filed draft registration documents with the US Securities and Exchange Commission in May, setting the stage for a potential listing. While the company has not disclosed the number of shares or a price range, the filing signaled renewed confidence in public market appetite for crypto-focused firms.

Blockchain.com's IPO plans coincide with a broader reopening of capital markets for the crypto sector. Bitcoin has climbed more than 30% since mid-August, following the US Treasury's announcement of increased buybacks of long-dated government debt, which helped catalyze a rally across digital assets. However, the environment remains difficult for recently listed peers. Shares of Gemini, BitGo, and eToro remain down roughly 50% to 80% from their post-IPO highs, underscoring the volatility investors continue to associate with the sector as Blockchain.com weighs its path to a public debut.