Blockchain.com Targets $500 Million IPO at Up to $6 Billion Valuation

Blockchain.com is telling prospective investors it wants to go public this year and is seeking to raise about $500 million, according to people familiar with the matter. The company is targeting a valuation of $4 billion to $6 billion, though it would consider a smaller offering.

The discussions are ongoing, and the terms could change, the people said. A Blockchain.com spokesperson declined to comment.

The plans come as the crypto market shows signs of recovery. Bitcoin has risen 33% since mid-August, after a sharp decline about a year ago.

Other crypto-related companies that went public last year have since lost value. Gemini’s shares have fallen more than 80% since its listing, while custodian BitGo is down nearly 60% and eToro has dropped about 50%.

Blockchain.com filed confidentially with the US Securities and Exchange Commission earlier this year. People familiar with the company have said it has been profitable on an adjusted basis for three years.

The company raised $110 million in a 2023 financing round led by Kingsway Capital. That funding valued Blockchain.com at less than half its $14 billion valuation in spring 2022, according to the article.