Blockchain.com is targeting a U.S. initial public offering in 2026 that could raise approximately $500 million at a valuation of $4 billion to $6 billion, Bloomberg reported — a steep discount to the $14 billion valuation the cryptocurrency firm commanded in 2022.

An initial public offering, or IPO, allows a private company to sell shares to public investors on a stock exchange, with the final size and pricing typically locked in shortly before trading begins. According to Bloomberg, which cited people familiar with the matter, Blockchain.com has confidentially filed for the IPO with the U.S. Securities and Exchange Commission (SEC). The terms of the proposed offering remain under discussion and could still change, including the size of the deal. Companies frequently use confidential filings to review financial details with regulators before making their intentions public ahead of a market debut; under this process, definitive terms would be disclosed in a public prospectus when the company moves forward with the listing.

The valuation range underscores the gap between the proposed listing and the company's earlier private-market pricing, a gap that highlights how valuations set in prior funding rounds can differ from public-listing pricing. A $6 billion valuation would leave Blockchain.com at less than half of its 2022 private-market valuation, while a $4 billion valuation would represent a decline of more than 70% from that peak.

The company's trajectory reflects broader conditions in the industry. Blockchain.com raised $110 million in 2023 at a valuation of less than half its 2022 level, as a downturn in cryptocurrency markets weighed on the sector.

Founded in 2011, Blockchain.com provides cryptocurrency wallet, exchange, and trading services, and has expanded its business to include tokenized securities. Its operating history now spans more than a decade.

The proposed listing comes as cryptocurrency companies return to public markets after a period of subdued issuance. For Blockchain.com, the path from confidential filing to a completed offering would run through the SEC's review and the publication of a public prospectus setting out final terms — milestones that would clarify the deal's size and timing.

Source: BitcoinKE