Blockchain.com Eyes $500M IPO at $4B-$6B Valuation

Blockchain.com is telling prospective investors it wants to raise about $500 million in an initial public offering this year, at a valuation of $4 billion to $6 billion, Bloomberg reported Monday, citing people familiar with the matter who were not authorized to speak publicly. Even the top of that range would leave the London-based crypto exchange and wallet provider worth roughly 57% less than the $14 billion price tag it commanded in a private funding round in March 2022.

What Bloomberg's sourcing actually says

According to Bloomberg, Blockchain.com Group Holdings Inc. is in talks with potential investors about going public this year and would consider a smaller raise than $500 million if that is what it takes to complete the listing. Bloomberg's sourcing is anonymous - people described only as familiar with the matter - and the company declined to comment when contacted, according to PYMNTS' writeup of the same report. Cointelegraph and CoinDesk, which both cited the same Bloomberg story, reported identical figures: a $500 million raise and a $4 billion to $6 billion valuation range. The RSS summary that flagged this story rounded the target to a flat "$6 billion," but the underlying reporting describes a range, not a single number, and notes the company would accept less if needed to complete the offering.

The IPO groundwork is not brand new. Cointelegraph reported that Blockchain.com confidentially filed draft registration documents with the U.S. Securities and Exchange Commission in May, a step that lets a company begin the SEC's review process before disclosing financial details publicly. CoinDesk reported the company is aiming to complete the listing by the end of 2026. A confidential filing is not a completed offering: the share count, price per share and final valuation are set later, and Blockchain.com had not disclosed those terms as of the May filing.

How the new number compares with 2022 and 2023

Blockchain.com's valuation history shows how far crypto's private markets have retraced. Cointelegraph reported that the company closed a funding round on March 30, 2022 that pushed its valuation from $5.2 billion to $14 billion, less than two months before the Terra ecosystem's collapse triggered a wider liquidity crisis across crypto markets. By November 2023, Blockchain.com raised $110 million in a Series E round that PYMNTS and Cointelegraph both reported valued the company at less than half its 2022 peak - implying a valuation below roughly $7 billion at that point. FinanceFeeds calculated that a $6 billion IPO valuation would mark about a 57% decline from the 2022 peak, while the bottom of the reported range, $4 billion, would represent roughly a 71% decline. Those percentages are arithmetic against a single historical benchmark, the March 2022 round, and do not account for how much of the $500 million would be new capital for the company versus proceeds to existing shareholders selling shares, a detail Bloomberg's report does not specify.

Key figures

What "crypto capital markets thaw" means, with numbers attached

The recovery narrative behind this IPO push has two separate legs, and they are worth keeping apart. The first is bitcoin's price. Cointelegraph reported that bitcoin had climbed more than 30% since mid-August, a rally the outlet tied to the U.S. Treasury's announcement that it would significantly increase buybacks of long-dated government debt. PYMNTS put the same rally at 33% since mid-August. That move follows a rough stretch: Yahoo Finance reported that bitcoin had fallen below $63,000 by February 2026, and CoinDesk separately noted a "weak market in early 2026 prompted some companies to delay their plans" for public listings. A bitcoin price rally is not the same as investor demand for a specific IPO, and Blockchain.com's exchange, wallet, trading and lending business does not move in lockstep with the coin's spot price.

The second leg is how crypto companies that already went public have performed, and here "mixed" understates the spread. Gemini Space Station, the exchange founded by Tyler and Cameron Winklevoss, priced its Nasdaq debut at $28 in September 2025 and closed its first trading day up 14%, according to CoinDesk. Months later, Yahoo Finance reported Gemini's stock had cratered nearly 80% from that debut, and a more recent Bitget report put the decline at 89%, with shares changing hands at $4.19. Bullish's stock followed a similar arc: Yahoo Finance reported it down more than 52% as of February 2026, while Bitget's later figure put the decline at 71%. Circle, the stablecoin issuer, has held up best of the group - Morningstar described its loss as "relatively modest" at 11% as of February 2026, and BeInCrypto later put the figure closer to 6%. None of these numbers predicts how Blockchain.com stock would trade after its own debut; they describe a cohort of newly public crypto companies whose shares have mostly fallen well below their opening prices, which is the backdrop investors would be pricing into any Blockchain.com listing.

What is still unknown

Bloomberg's report does not specify how many shares Blockchain.com would offer, the price per share, or how much of the $500 million would be new capital for the company rather than proceeds for existing investors selling shares. The company has not publicly confirmed the figures Bloomberg reported and declined to comment, according to PYMNTS. The SEC review that began with the May confidential filing has no fixed public timetable, and CoinDesk's reporting that Blockchain.com is aiming to list by the end of 2026 describes a company target, not a scheduled listing date. Until Blockchain.com files a public S-1 or converts its confidential filing to a public one, the share count, exact valuation and listing venue remain undetermined.