Blockchain.com Group Holdings, the corporate parent of Blockchain.com, a legacy crypto infrastructure company, has confidentially filed a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) for a proposed initial public offering, according to a Thursday press release.

The company noted that key terms of the offering, including the number of shares and price range, have not yet been finalized. The proposed IPO is subject to market conditions, regulatory approval, and completion of the SEC review process.

According to Bloomberg, Blockchain.com is targeting a public listing this year. The firm employs roughly 500 people and has been profitable on an adjusted basis for the past three years.

Its filing comes amid renewed but volatile IPO momentum in the crypto sector, with companies like Bullish and Gemini Space Station already going public, and Kraken parent Payward also moving through the confidential filing process. The industry has experienced sharp boom-bust cycles, with recent price declines following earlier rallies forcing exchanges to reduce costs and restructure operations.

Blockchain.com was valued at $14 billion in March 2022 at the peak of the crypto bull market, with backing from major venture firms including Lightspeed and Baillie Gifford.

Following the collapse of key crypto players such as Terra-Luna, Three Arrows Capital and FTX, private crypto valuations declined sharply across the sector. The company’s late 2023 Series E round, led by Kingsway Capital, valued it at $7 billion, per Bloomberg.