Blockchain.com targets up to $6B valuation in planned IPO this year: Report

Blockchain.com is targeting a valuation of between $4 billion and $6 billion in a potential US initial public offering this year, as the crypto brokerage looks to take advantage of an improving market for digital assets.

The company is seeking to raise about $500 million through the listing, according to people familiar with the plans cited by Bloomberg. Blockchain.com could pursue a smaller offering depending on market conditions, while discussions remain ongoing and the terms could still change.

The plans build on a confidential filing Blockchain.com submitted to the Securities and Exchange Commission in May for an offering of Class A ordinary shares. At the time, the company had not determined the number of shares or expected price range.

Blockchain.com has been broadening its business in the months since that filing as it moves beyond its roots in crypto wallets and brokerage services.

Last week, the company signed an agreement with the New York Stock Exchange to explore giving Blockchain.com users access to tokenized US-listed stocks and ETFs through the NYSE’s planned digital trading platform. The companies also plan to integrate market data across their platforms.

The partnership builds on Blockchain.com’s existing push into tokenized equities. Earlier this year, it expanded its partnership with Ondo Finance to offer tokenized US stocks and ETFs to eligible European users after previously rolling the products out in markets including Africa and South America.

Blockchain.com has also been expanding into derivatives and prediction markets. In September, it launched perpetual contracts tracking the valuations of private AI companies OpenAI and Anthropic through infrastructure powered by Hyperliquid. The company also partnered with Polymarket in July to bring prediction markets into its app.

Its international footprint has grown alongside those product launches. Blockchain.com secured a definitive VASP custody services license in the Cayman Islands in August and was admitted to the Nigerian SEC’s regulatory incubation program later that month.

It has also expanded its institutional payments business into Brazil, using stablecoins for cross-border settlement and dollar liquidity.

The company says it now has more than 95 million wallets and 44 million confirmed accounts and has processed more than $1.2 trillion in transactions across more than 70 jurisdictions.

Blockchain.com has considered entering the public markets before. The company explored an IPO as early as 2022, when private investors had valued it at $14 billion. A subsequent $110 million funding round in 2023 valued the business at less than half that level.

The company has raised about $537 million in equity capital since its founding, according to its website.

Blockchain.com was founded in 2011 and initially built tools for tracking activity on the Bitcoin network before expanding into wallets, brokerage, trading and institutional crypto services.

The renewed IPO push comes as bitcoin has recovered from last year’s decline, potentially reopening a window for crypto companies seeking access to public markets.

Blockchain.com has also been profitable on an adjusted basis for the past three years, according to people familiar with the company cited when its confidential filing was disclosed earlier this year.