Blockchain.com Seeks $5 Billion Valuation in $500M IPO

Blockchain.com is reportedly planning an initial public offering (IPO) that could raise around $500 million, more than four years after its valuation peaked at $14 billion. The company, a major crypto exchange and wallet provider, is seeking a valuation of between $4 billion and $6 billion for the IPO. According to Bloomberg, Blockchain.com was open to a smaller offering if needed to complete a public listing.

The news comes as capital markets begin to reopen for crypto companies following a market recovery that started last month. Bitcoin has climbed over 30% since mid-August when the US Treasury announced increased buybacks of long-dated government debt, which triggered a rally across crypto markets. However, capital market conditions remain challenging for crypto companies.

Shares of recently listed crypto companies such as Gemini, BitGo, and eToro are still down roughly 50% to 80% from their post-IPO highs, according to Bloomberg. Blockchain.com confidentially filed draft registration documents with the US Securities and Exchange Commission in May, paving the way for a potential IPO.