Blockchain.com Targets $4B-$6B Valuation in IPO Amid Crypto Market Rebound
Blockchain.com is planning to raise about $500 million through an initial public offering (IPO) this year, aiming for a valuation of between $4 billion and $6 billion. This target is significantly lower than the company's previous peak valuation of $14 billion in 2022.
The company took its first step toward going public in May by confidentially filing draft registration documents with the US Securities and Exchange Commission (SEC). The report comes as Bitcoin has gained over 30% since mid-August, following a US Treasury announcement to sharply increase buybacks of long-dated government debt.
Despite the market recovery, conditions for crypto companies looking to raise money remain challenging. Several firms that went public recently have seen their shares fall, with Gemini, BitGo, and eToro down 50% to 80% from their post-IPO highs.