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- Blockchain.com is reportedly targeting a U.S. initial public offering to raise about $500 million at a $4 billion to $6 billion valuation.
- The company submitted a confidential draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission on May 21.
- A public offering remains unconfirmed and depends on market conditions and completion of the SEC review process.
Blockchain.com is reportedly targeting a U.S. initial public offering that could raise about $500 million and value the crypto services company at between $4 billion and $6 billion.
The company is also reportedly telling prospective investors it wants to complete the listing before the end of 2026. Blockchain.com has not confirmed the proposed raise or valuation range, and the terms remain subject to change.
Confidential SEC Filing Started IPO Process in May
Blockchain.com submitted a confidential draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission on May 21 for an offering of Class A ordinary shares.
The company said at the time that the number of shares and proposed price range had not been determined. A listing still depends on market conditions and completion of the SEC review process. Blockchain.com could also pursue a smaller offering if needed to complete the transaction.
$4B to $6B Target Sits Well Below $14B 2022 Valuation
The proposed valuation would leave Blockchain.com well below the $14 billion valuation attached to a funding round in March 2022. That financing was led by Lightspeed Venture Partners with participation from Baillie Gifford.
The company’s private valuation had already fallen after the crypto downturn. Blockchain.com raised $110 million in a Series E round in November 2023 at a valuation reported at less than $7 billion, with Kingsway Capital leading the financing.
A $4 billion to $6 billion IPO valuation would therefore extend the reset from the company’s 2022 peak.
Blockchain.com Brings 43M Verified Users to IPO Plans
Founded in 2011, Blockchain.com operates crypto wallets, brokerage and institutional services. The company said in May that more than 95 million wallets had been created through its products, with over 43 million verified users and more than $1.1 trillion in crypto transactions facilitated since launch.
A public offering is not yet guaranteed. Blockchain.com still needs to complete the SEC review and settle the size and pricing of the deal before it can move ahead with a U.S. listing.
