Blockchain.com Sizes Up $500M IPO, Because Nothing Says "Crypto Winter Is Over" Like a $14B Glow-Up Shrink 📉➡️📈

Blockchain.com is preparing to raise roughly $500 million through an initial public offering this year, according to people familiar with the matter, as one of crypto's longest-running wallet and exchange providers seeks to re-enter public markets at a valuation sharply below its pandemic-era peak. Bloomberg reported Monday that the company is targeting an IPO valuation of between $4 billion and $6 billion, a fraction of the $14 billion private valuation it reached at the height of the previous crypto boom more than four years ago. The company has also signaled it would be willing to pursue a smaller offering if needed to complete the listing.

The IPO groundwork was laid earlier this year. As Cointelegraph reported, Blockchain.com confidentially filed draft registration documents with the US Securities and Exchange Commission in May, though it did not disclose at the time how many shares it planned to offer or a potential price range. The filing set the stage for a public listing once market conditions permitted.

The timing coincides with a broader thaw in crypto capital markets. Bitcoin ($BTC) has climbed more than 30% since mid-August, when the US Treasury announced it would significantly increase buybacks of long-dated government debt, a move that helped trigger a sharp rally across digital assets. That recovery has encouraged other crypto firms to revisit listing plans after a prolonged drought in sector debuts.

Conditions for newly public crypto companies remain difficult, however. Shares of Gemini, BitGo and eToro, all of which listed in recent years, remain down roughly 50% to 80% from their post-IPO highs, according to Bloomberg. The uneven performance of those stocks underscores the challenges Blockchain.com could face in pricing its offering and sustaining a valuation in line with its target range.