Key facts
- Blockchain.com is reportedly seeking to raise about $500 million in an initial public offering.
- The company is seeking a valuation of between $4 billion and $6 billion.
Blockchain.com is reportedly planning to raise approximately $500 million in an initial public offering this year, aiming for a valuation between $4 billion and $6 billion. This move comes as crypto capital markets show signs of recovery, though challenges remain for recently listed crypto firms.
The potential IPO of Blockchain.com signals a cautious return of institutional capital to the crypto sector, but its valuation reflects the ongoing challenges and reduced investor appetite compared to previous market peaks.
Blockchain.com, a prominent crypto exchange and wallet provider, is reportedly planning an initial public offering (IPO) to raise approximately $500 million, according to sources familiar with the matter cited by Bloomberg. The company is targeting a valuation between $4 billion and $6 billion, a significant decrease from its peak valuation of $14 billion in 2022. This move comes as the crypto capital markets show signs of thawing, with Bitcoin (BTC) experiencing a more than 30% climb since mid-August, partly influenced by increased US Treasury buybacks of long-dated government debt. Blockchain.com had previously confidentially filed draft registration documents with the US Securities and Exchange Commission in May, signaling its intent to go public. However, the path to an IPO remains challenging, as shares of recently listed crypto companies like Gemini, BitGo, and eToro have seen substantial declines, ranging from 50% to 80% below their post-IPO highs.
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