Blockchain.com IPO plan targets $500 million crypto raise

Blockchain.com IPO plans include a roughly $500 million raise, people familiar with the talks said, testing demand after Bitcoin’s mid-August rebound. The company is discussing a $4 billion to $6 billion valuation, with room for a smaller offering if market conditions require it.

The people asked not to be named because the discussions are private. Deliberations remain active, and the size, timing and valuation of the offering may change; a Blockchain.com spokesperson declined to comment.

$500 million listing target

Blockchain.com filed confidentially with the US Securities and Exchange Commission earlier this year, according to people familiar with the matter. A confidential filing allows a company to prepare listing documents without immediately publishing financial details, while still beginning the regulatory review process.

The possible listing follows a partial recovery in crypto prices after a weaker period for digital assets. Bitcoin has risen 33% since mid-August, after a steep decline about a year earlier, giving crypto companies a stronger market backdrop than they had during the recent freeze in listings.

2011 roots and valuation reset

Blockchain.com was founded in 2011 by three participants in BitcoinTalk.org, an early online forum for Bitcoin users. The company first tracked transactions on the Bitcoin blockchain, then expanded into a wallet and exchange for customers seeking trading and custody services.

The company raised $110 million in 2023 in a financing led by UK-based Kingsway Capital. That round valued the business at less than half of the $14 billion valuation it reached in spring 2022, a reset that showed how far private crypto valuations had fallen after the market turned.

Blockchain.com says on its website that it has raised $537 million in total equity capital. People familiar with the company have said it has been profitable on an adjusted basis for three years, a figure likely to matter to public-market investors after several newly listed crypto names traded down.

Crypto listings remain uneven

The public-market record for recent crypto listings is mixed. Shares of Gemini Space Station have lost more than 80% since its listing, while BitGo Holdings is down nearly 60% and Etoro Group has fallen about 50%, according to figures cited in the source material.

Those declines give Blockchain.com a narrower path than the headline Bitcoin rally suggests. Public investors may ask whether the company’s revenue is tied mainly to trading activity, whether profitability holds through lower-volume periods and how it compares with exchange and custody peers already trading below issue levels.

Other private crypto firms are also weighing public listings. Payward, the parent of Kraken, has been considering a debut, though people familiar with its plans have said the timeline has slowed and may not arrive until 2027.

NYSE tokenization talks add angle

Blockchain.com also announced in September that it had teamed up with the New York Stock Exchange to explore continuous access to tokenized US stocks and exchange-traded funds. The 24/7/365 framework would link a crypto-native platform to traditional market infrastructure if the effort advances.

If Bitcoin’s rebound holds and equity investors accept the proposed valuation, a Blockchain.com listing would give the company fresh capital and a public currency for acquisitions. At the macro level, the deal would point to firmer risk appetite in equity markets; across the industry, it would test whether crypto platforms can sell growth stories without relying only on token prices.

If crypto prices weaken again or listed peers keep sliding, Blockchain.com may have to cut the raise, accept a lower valuation or delay the offering. The open questions are whether adjusted profitability survives a slower trading cycle, whether regulators clear the listing on the company’s preferred timetable and whether tokenized securities can become a revenue line rather than a strategic signal.