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

Blockchain.com is reportedly aiming to raise about $500 million in an IPO this year at a valuation well below its 2022 peak, as crypto companies test a recovering market for public listings.

Blockchain.com IPO Valuation and Plans

Bloomberg reported Monday, citing people familiar with the matter, that the crypto exchange and wallet provider is seeking a valuation between $4 billion and $6 billion. That is far below the $14 billion valuation it reached more than four years ago at the height of the previous crypto boom. The company is open to a smaller offering if needed to complete the listing. Blockchain.com confidentially filed draft registration documents with the SEC in May but has not disclosed share counts or a price range.

Crypto IPO Market Conditions

The plans come as capital markets begin reopening for crypto firms following a rally that started last month. Bitcoin has climbed more than 30% since mid-August, when the US Treasury said it would significantly increase buybacks of long-dated government debt, a move that helped spark the broader rally.

Recent Crypto IPOs Still Struggling

Even so, conditions remain tough for newly listed crypto companies. Shares of Gemini, BitGo and eToro are still down roughly 50% to 80% from their post-IPO highs, according to Bloomberg.