Blockchain.com has reportedly begun targeting a U.S. initial public offering of roughly $500 million this year at a valuation between $4 billion and $6 billion, well below its $14 billion private-market peak in 2022.
Summary
- Blockchain.com reportedly seeks to raise $500 million through a U.S. IPO before year-end, Bloomberg reported.
- Reported valuation target of $4 billion to $6 billion remains far below its 2022 peak.
- Blockchain.com confidentially filed IPO documents with the SEC in May without disclosing offering terms publicly.
- Recent crypto listings remain volatile, with several newly public companies trading below post-IPO highs today.
- Blockchain.com recently signed an NYSE agreement to explore continuous trading of tokenized U.S. stocks globally.
Bloomber reported on Sept. 28 that the crypto brokerage has been discussing the potential deal with prospective investors as it works toward a public listing. People familiar with the talks said the company could reduce the size of the offering if that helps complete the IPO.
The reported terms remain preliminary. Blockchain.com has not publicly confirmed the $500 million fundraising target, the proposed $4 billion to $6 billion valuation or a listing date. A spokesperson declined to comment on the Bloomberg report.
A listing at the top of the reported range would still value Blockchain.com at less than half the $14 billion figure attached to its Series D financing in March 2022. Bloomberg previously reported that Lightspeed Venture Partners led that funding round, with participation from Baillie Gifford.
Blockchain.com IPO could come months after SEC filing
The potential Blockchain.com IPO moved into the regulatory process earlier this year when the company confidentially submitted draft registration documents to the U.S. Securities and Exchange Commission.
As crypto.news previously reported, Blockchain.com filed confidentially for a U.S. IPO in May without identifying the number of shares it planned to offer or their expected price range. Confidential submissions allow a company to begin discussions with SEC staff before making its prospectus available publicly.
A confidential filing does not guarantee that an IPO will proceed. Final timing, valuation, share count and pricing can change during the SEC review and subsequent investor-marketing process.
Blockchain.com had not published a public Form S-1 for the proposed listing as of Sept. 29. The confidential nature of its submission means financial statements, revenue figures, operating costs and other information that investors would normally see in a public prospectus remain unavailable.
The company can move toward a roadshow after resolving SEC comments and publicly filing its registration statement, if management decides market conditions support the transaction. Bloomberg’s latest report indicates Blockchain.com is still pursuing a listing before the end of 2026.
A $6B valuation would remain below Blockchain.com’s peak
Blockchain.com entered 2022 with one of crypto’s largest private-market valuations. Its March funding round valued the business at roughly $14 billion, more than doubling the $5.2 billion valuation secured in a $300 million Series C round one year earlier.
The valuation fell during the crypto downturn. Bloomberg reported in November 2023 that Blockchain.com raised $110 million in a Series E round led by Kingsway Capital at less than half its former $14 billion valuation.
A potential $4 billion to $6 billion IPO valuation would therefore fall within the range seen after the 2022 market decline instead of restoring the private valuation reached during the previous crypto cycle.
Blockchain.com’s own website currently states that the company has processed more than $1.1 trillion in transactions and raised $537 million in equity capital. Its businesses span retail crypto trading, wallets, institutional services, custody, over-the-counter trading and digital-asset infrastructure.
Founded in 2011, the company is one of the longest-operating large crypto businesses still privately held. Its IPO plans have surfaced before. Bloomberg reported in April 2022 that Blockchain.com was interviewing banks for a possible listing after completing the $14 billion funding round, but the transaction did not proceed during the subsequent market downturn.
Crypto IPO stocks have struggled after listing
Blockchain.com is entering a public-market environment where several recent crypto listings have lost much of their early trading gains.
Crypto.news examined the sharp declines across the 2025 and 2026 crypto IPO class in July, finding that Gemini had fallen 89% from its opening trade at the time, while BitGo was down 77%, Bullish roughly 71% and eToro 42%.
The performance of earlier listings contributed to companies reconsidering their own timetables. Kraken delayed its planned IPO until the second quarter of 2027 after weaker crypto prices and lower trading activity reduced public-market demand, according to crypto.news.
Hardware wallet maker Ledger similarly paused preparations for a listing. Crypto.news previously reported that Ledger shelved plans for a U.S. IPO amid difficult market conditions after hiring Goldman Sachs, Jefferies and Barclays to advise on a transaction that could have valued the company at roughly $4 billion.
Blockchain.com’s latest reported plans indicate it is testing the market despite that uneven performance. Bloomberg said the company is prepared to consider raising less than $500 million if reducing the size helps move the deal forward.
Blockchain.com is expanding before a potential listing
The IPO work comes as Blockchain.com expands its products and traditional-finance partnerships.
On Sept. 23, Blockchain.com and NYSE Group announced an agreement to explore access to tokenized U.S.-listed stocks and exchange-traded funds through NYSE’s planned digital trading platform. The proposed service remains subject to regulatory approvals and does not yet have a launch date.
As crypto.news reported, the Blockchain.com and NYSE agreement could give eligible customers access to tokenized U.S. equities through a planned digital alternative trading system designed to support continuous trading, fractional shares and blockchain-based settlement.
The company said its app has more than 44 million confirmed accounts. Under the NYSE arrangement, ICE Data Services plans to distribute Blockchain.com crypto market data, while Blockchain.com expects to integrate ICE and NYSE market information into its own platform.
Earlier in 2026, Blockchain.com expanded its derivatives products. In April, Blockchain.com added perpetual futures to its self-custody wallet through Hyperliquid, allowing users to trade leveraged contracts while maintaining control of their assets.
Its regulatory footprint has expanded during the same period. Crypto.news reported in August that Blockchain.com secured a Cayman Islands virtual asset service provider license and planned to establish an operating presence on the islands. The company had previously expanded into Ghana and established operations in Nigeria.
The reported IPO timetable now leaves the SEC review and market conditions as two key variables before any public offering can begin. Blockchain.com has yet to disclose an expected stock exchange, ticker, share count or pricing range for the proposed transaction.
Be the first to comment