Blockchain.com has told prospective investors it plans to list publicly before year-end, seeking about $500 million at a valuation of $4 billion to $6 billion, Bloomberg reported on Monday, citing people familiar with the matter.
The company would consider a smaller raise if needed, deliberations are ongoing, and a spokesperson declined to comment. Blockchain.com announced in May that it had confidentially submitted a draft S-1 registration statement to the SEC. The pitch rests on three consecutive years of adjusted profitability.
The target is a steep discount to the firm’s boom-era mark. Blockchain.com reached a $14 billion valuation in a March 2022 round led by Lightspeed Venture Partners, and its $110 million Series E in 2023, led by Kingsway Capital, reportedly valued it at less than half that figure. A $4 billion to $6 billion valuation would put the company at roughly 29% to 43% of that peak. Founded in 2011 as a bitcoin block explorer, the company has raised $537 million in total equity to date.
The timing reflects a reopening window. 2026 has been quiet for crypto IPOs after 2025 listings from Circle, Gemini and Bullish, as a depressed market in the first half pushed firms to shelve plans until prices recovered. BTC has recovered 33% since mid-August. Kraken is among the other crypto firms eyeing public listings. Blockchain.com is also expanding its product set: on Sept. 23 it signed a memorandum of understanding with NYSE to give its users access to tokenized U.S. stocks.
The offering will test public-market appetite for crypto equities as 10-year Treasury yields sit near their highest level since 2007. Final pricing, and whether the raise shrinks, will signal how much of the recent crypto recovery investors are willing to pay for.
