Blockchain.com seeks up to $6bn valuation in $500m IPO
The crypto exchange and wallet provider is reportedly aiming to raise about $500m in a listing this year, at a valuation far below its 2022 peak, as recently listed crypto stocks struggle.
Key points
- Blockchain.com is reportedly looking to raise about $500 million in an IPO this year.
- Bloomberg reports the company is seeking an IPO valuation of between $4 billion and $6 billion.
- The company was valued at $14 billion at the height of the previous crypto boom.
- It confidentially filed draft registration documents with the US SEC in May.
- Shares of Gemini, BitGo and eToro are down roughly 50% to 80% from their post-IPO highs.
Blockchain.com is reportedly preparing an initial public offering that could raise about $500 million, according to Bloomberg, which cited people familiar with the matter. The crypto exchange and wallet provider is seeking an IPO valuation of between $4 billion and $6 billion, the report said, and would consider a smaller offering if that were needed to complete a public listing.
The reported target sits far below the company's previous peak. Blockchain.com reached a valuation of $14 billion at the height of the last crypto boom, more than four years ago, Cointelegraph noted. The gap underlines how much crypto valuations have shifted since that cycle.
The company has already taken a procedural step towards listing. As Cointelegraph reported, Blockchain.com confidentially filed draft registration documents with the US Securities and Exchange Commission in May. At that time it did not disclose how many shares it planned to offer or a possible price range.
Listing targets and valuation
The plans come as capital markets begin to reopen for crypto companies. The market recovery started last month, when the US Treasury said it would significantly increase buybacks of long-dated government debt. That move helped trigger a sharp rally across crypto markets, with bitcoin climbing more than 30% since mid-August.
Conditions are still difficult, however. Shares of recently listed crypto companies Gemini, BitGo and eToro remain roughly 50% to 80% below their post-IPO highs, according to Bloomberg. That performance may temper expectations for new crypto listings.
For Blockchain.com, the listing would mark a return to public market ambitions after a long private period. The company operates an exchange and a wallet service, placing it among the better-known consumer-facing names in crypto. Its filing remains confidential, so the share count and price range are still unknown.
Filing and market backdrop
The outcome matters for the wider sector because it tests whether investors will back a large crypto listing after a string of weaker debuts. A successful raise near the reported range would signal renewed appetite; a smaller deal would suggest caution persists despite the recent rally.