Blockchain.com Eyes US IPO This Year, Targets Up to $500 Million at $4 Billion to $6 Billion Valuation
Summary
- Blockchain.com is targeting a listing on a US exchange this year to raise up to $500 million and secure a $4 billion to $6 billion valuation.
- The listing push comes amid a crypto market recovery, with Bitcoin up about 33% since mid-August.
- Blockchain.com has posted adjusted profit over the past three years and is exploring round-the-clock trading for tokenized US stocks and ETFs.
Forecast Trend Report by Period
Crypto services firm Blockchain.com is pursuing a US stock market listing this year that could raise as much as $500 million.
Bloomberg reported on September 28 that Blockchain.com is seeking to raise about $500 million through an initial public offering and secure a valuation of $4 billion to $6 billion at listing. The company is also weighing a smaller deal depending on market conditions.
Discussions on the listing are ongoing, and the timing and offering terms could still change. A Blockchain.com spokesperson declined to comment.
The listing push comes as the crypto market shows signs of recovery. Bitcoin has climbed about 33% since mid-August. Gemini, Bullish and eToro went public last year, but listing activity among crypto firms later cooled as digital-asset prices tumbled. Gemini shares have fallen more than 80% since listing, while BitGo and eToro are down about 60% and 50%, respectively.
Blockchain.com confidentially filed for a listing with the US Securities and Exchange Commission earlier this year, the report said. The company has posted adjusted profit over the past three years. Payward, the parent company of rival Kraken, is also pursuing a listing, though its debut could be pushed into next year.
Founded in 2011, Blockchain.com started as a service tracking transactions on the Bitcoin blockchain before expanding into crypto wallets and exchange operations. In 2023, it raised $110 million in a funding round led by Kingsway Capital. Its valuation at the time had fallen to less than half of the $14 billion level it reached in 2022.
Separately, Blockchain.com this month began exploring a plan with the New York Stock Exchange to enable round-the-clock trading of tokenized US stocks and exchange-traded funds.
