Blockchain.com Seeks US Listing This Year, Targets Up to $500 Million at $4 Billion to $6 Billion Valuation

Blockchain.com is pursuing a U.S. stock market listing this year that could raise as much as $500 million.

Bloomberg reported on September 28 that Blockchain.com is aiming to raise about $500 million through an initial public offering and achieve a valuation of $4 billion to $6 billion at listing. The company is also considering a smaller deal depending on market conditions.

Discussions on the listing are ongoing, and the timing and offering terms could still change. A Blockchain.com spokesperson declined to comment.

The listing effort comes as the crypto market shows signs of recovery. Bitcoin has risen about 33% since mid-August. Gemini, Bullish and eToro went public last year, but listing activity among crypto firms later cooled as digital-asset prices fell sharply. Gemini shares have dropped more than 80% since their debut, while BitGo and eToro are down about 60% and 50%, respectively.

Blockchain.com confidentially filed for a listing with the U.S. Securities and Exchange Commission earlier this year, Bloomberg reported. The company has also posted adjusted profitability over the past three years. Payward, the parent company of rival Kraken, is also pursuing a listing, though its debut could slip to next year.

Founded in 2011, Blockchain.com began as a service tracking transactions on the Bitcoin blockchain before expanding into crypto wallets and exchange services. In 2023, it raised $110 million in a funding round led by Kingsway Capital. Its valuation at the time fell to less than half the $14 billion level it reached in 2022.

Separately, Blockchain.com began reviewing a plan this month with the New York Stock Exchange to allow round-the-clock trading in tokenized U.S. stocks and exchange-traded funds.