MV Capital | Blockchain.com Targets $500 Million US IPO at $4-6 Billion Valuation

The crypto exchange and wallet provider confidentially filed SEC documents in May and remains open to a smaller raise as capital markets show early signs of recovery

Blockchain.com, a major cryptocurrency exchange and digital wallet provider, is preparing a potential United States initial public offering that could raise approximately $500 million. The company is targeting a valuation in the range of $4 billion to $6 billion, according to people familiar with the plans.

That valuation range stands well below the $14 billion mark the firm reached at the height of the 2022 crypto market boom. The company has indicated it would consider a reduced offering size if required to complete a public listing.

Confidential Filing and Company Scale

Blockchain.com Group Holdings, Inc. submitted a confidential draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission on May 21. The filing covers a proposed offering of Class A ordinary shares. The company has not yet determined the number of shares to be offered or set a price range, and the precise timing of any IPO remains undecided.

As of the May filing date, Blockchain.com reported more than 95 million wallets, over 43 million verified users, and more than $1.1 trillion in facilitated cryptocurrency transactions. Founded in 2011, the platform operates wallet services, brokerage functions and related products.

Market Backdrop and Recent Expansion

The potential listing arrives as crypto capital markets begin to show signs of reopening following a broader recovery that started last month. Bitcoin has risen more than 30 percent since mid-August, a period that coincided with the U.S. Treasury’s announcement of significantly increased buybacks of long-dated government debt.

Conditions for newly public crypto firms remain mixed. Shares of recently listed companies including Gemini, BitGo and eToro have traded roughly 50 percent to 80 percent below their post-IPO peaks.

In parallel with its IPO preparations, Blockchain.com is expanding into tokenized securities. On September 23 the company and the New York Stock Exchange announced plans to explore tokenized versions of U.S.-listed stocks and exchange-traded funds.

Key figures discussed in connection with the proposed IPO include a $500 million raise target and a $4 billion to $6 billion valuation range. The company previously reached a $14 billion valuation in 2022.

Blockchain.com continues to evaluate market conditions as it advances its confidential registration process with the SEC.