Blockchain.com eyes $500M IPO at up to $6B valuation, Bloomberg reports

Investing.com -- Blockchain.com Group Holdings Inc., one of the digital asset industry’s pioneer service providers, is pitching prospective investors on a target public listing later this year as capital market conditions for cryptocurrency firms show signs of thawing, Bloomberg reported Monday. The company is seeking to raise approximately $500 million in an initial public offering that would value the platform between $4 billion and $6 billion, though final terms remain fluid and executives would consider a smaller offering size if necessary.

A successful debut would test institutional appetite following a turbulent cycle for retail-facing crypto listings. Previous market entrants, including Gemini Space Station Inc., Bullish, and Etoro Group Ltd., completed listings ahead of Bitcoin’s record highs before plunging crypto valuations effectively froze the issuance pipeline, leaving shares of Gemini, BitGo Holdings Inc., and Etoro down roughly 50% to 80%.

For Blockchain.com, the initiative marks a renewed push toward the public markets after previously weighing a listing in 2022. Founded in 2011 as a Bitcoin blockchain explorer before expanding into wallet services and exchange infrastructure, the firm has raised $537 million in total equity to date, including a $110 million Series E round led by Kingsway Capital in 2023 that valued the firm at less than half its peak $14 billion valuation.

The company’s timing highlights a broader, albeit cautious, re-emergence of digital asset infrastructure providers eyeing public liquidity. While rival exchange operator Payward Inc., the parent company of Kraken, continues to pursue its own listing path, that debut has faced delays and may not materialize until 2027, according to Bloomberg reporting.

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