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Blockchain.com targets multi-billion dollar IPO as it files confidential S-1 with SEC
The crypto veteran aims to raise roughly $500 million at a valuation between $4 billion and $6 billion, a far cry from its $14 billion peak
Blockchain.com, one of the oldest surviving names in crypto, filed a confidential draft S-1 registration statement with the SEC on May 21, 2026, setting the stage for what could be one of the year’s most closely watched public offerings in the digital asset space.
The company is targeting roughly $500 million in proceeds and a valuation between $4 billion and $6 billion. That’s a significant haircut from the $14 billion valuation it commanded at its 2022 peak, and even below the approximately $7 billion it secured during a Series E round in 2023.
From peak hype to pragmatic pricing
The company has reportedly been profitable on an adjusted basis for the past three years, which gives it something many crypto IPO candidates lack: actual earnings to point to.
With roughly 500 employees, the firm runs leaner than many might expect for a platform supporting approximately 95 million wallets and more than 43 million confirmed accounts. Since its founding in 2011, Blockchain.com has facilitated over $1.1 trillion in total transaction volume, a number that puts it in rare company among crypto-native firms that have survived multiple market cycles.
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The NYSE partnership adds a twist
Just days before the latest IPO reports surfaced, Blockchain.com signed a memorandum of understanding with the New York Stock Exchange on September 23, 2026. The deal outlines plans to offer users tokenized versions of US-listed stocks and exchange-traded funds through a new digital platform, pending regulatory approvals.
What this means for the crypto IPO pipeline
Founded in 2011, Blockchain.com predates most of its competitors by years. It launched as a Bitcoin block explorer and wallet provider before expanding into exchange services, institutional lending, and now tokenized securities.
The $500 million raise would also give Blockchain.com significant capital to expand its product suite, particularly the NYSE tokenization initiative, which will likely require substantial investment in compliance infrastructure and technology.