Blockchain.com Eyes IPO This Year with $4-6 Billion Valuation
- is exploring an initial public offering (IPO) this year to raise around 500 million US dollars, according to a Bloomberg report.
- The company filed confidential offering documents with the U.S.
- Blockchain.com is using three consecutive years of adjusted profitability to enter the public markets.
Blockchain.com Group Holdings Inc. is exploring an initial public offering (IPO) this year to raise around 500 million US dollars, according to a Bloomberg report. The digital asset service provider is gauging interest from potential investors, which could value the platform between $4 billion and $6 billion.
The company filed confidential offering documents with the U.S. Securities and Exchange Commission (SEC) earlier this year. While the $500 million target is the current goal, company management may consider a smaller issuance volume if market conditions require it.
Blockchain.com Valuation and Financial Performance
Blockchain.com is using three consecutive years of adjusted profitability to enter the public markets. This move coincides with a recovery in the crypto market, specifically a 33% increase in the price of Bitcoin since mid-August, according to Bloomberg.
The current valuation target of $4 billion to $6 billion represents a significant drop from the company’s peak valuation of $14 billion. In 2023, the company raised $110 million in a Series-E round led by Kingsway Capital, which valued the firm at less than half of that previous peak.
Since its founding in 2011 as a Bitcoin blockchain explorer, Blockchain.com has expanded into wallet services and exchange infrastructure, raising a total of $537 million in equity to date.
Institutional Interest and the Crypto IPO Pipeline
A successful debut for Blockchain.com would serve as a litmus test for institutional appetite following a volatile period for retail-focused crypto IPOs. Several previous market entrants saw their valuations collapse after going public before Bitcoin reached its record highs.
According to Bloomberg, companies including Gemini Space Station Inc., Bullish, and Etoro Group Ltd. entered the markets before a decline in crypto valuations halted the issuance pipeline. Following these debuts, shares of Gemini, BitGo Holdings Inc., and Etoro fell by approximately 50% to 80%.
Competition and Market Timing
This initiative marks a second attempt at a public listing for Blockchain.com, which previously considered an IPO in 2022. The move reflects a cautious return of digital infrastructure providers seeking liquidity in public markets.
Blockchain.com’s timeline contrasts with other major industry players. Payward Inc., the parent company of the Kraken exchange, also intends to go public, but Bloomberg reports that its debut has been delayed and may not occur until 2027.