Blockchain.com is planning to raise around $500 million in an IPO this year at a valuation of $4–6 billion. The company is open to a smaller offering if it helps complete the listing.

$4–6 Billion Valuation Compared to $14 Billion Peak in 2022

The new target valuation is significantly lower than the previous cycle's peak, when Blockchain.com was valued at over $14 billion. The company is considering flexible deal terms, including the possibility of reducing the offering size to achieve public status.

Confidential SEC Filing in May

In May, Blockchain.com confidentially submitted draft registration documents to the U.S. Securities and Exchange Commission (SEC), without disclosing the number of shares or price range. This move paved the way for a potential IPO.

BTC Rises, but Market Conditions Remain Challenging

The IPO plans coincide with a partial recovery in crypto companies' access to public markets following a market rebound that began last month: Bitcoin (BTC) has risen more than 30% since mid-August after the U.S. Treasury announced increased buybacks of long-term government bonds. Meanwhile, shares of recently listed crypto companies Gemini, BitGo, and eToro remain about 50%–80% below their post-IPO highs.