Blockchain.com, the long-running cryptocurrency exchange and wallet provider, is reportedly aiming to raise about $500 million in an initial public offering (IPO) this year, more than four years after the company reached a $14 billion valuation at the height of the previous crypto boom.

Citing people familiar with the matter, Bloomberg reported on Monday that Blockchain.com is seeking an IPO valuation of between $4 billion and $6 billion. The company is also open to a smaller offering if that proves necessary to complete a public listing, according to the report. Even at the top of that range, the company would list at well under half its 2021 peak, a marker of how far crypto-industry valuations have been repriced since the last bull market.

Confidential SEC filing paved the way

As Cointelegraph reported, Blockchain.com confidentially filed draft registration documents with the US Securities and Exchange Commission (SEC) in May, paving the way for a potential IPO. At the time, the company did not disclose how many shares it planned to offer or a potential price range. Those specifics, along with the final size and pricing of the deal, would typically come into view only when the registration statement is made public.

Confidential submissions allow companies to work through their registration statements with regulators before details become public, a route that has become common among crypto firms pursuing US listings.

One of the industry's oldest firms

Founded in 2011, Blockchain.com is one of the longest-standing companies in the crypto sector, best known for its self-custody wallets and its blockchain explorer services. Its $14 billion valuation dates to a $900 million funding round announced in 2021, which drew backing from investors including Lightspeed Venture Partners and SoftBank's Vision Fund 2 at the peak of the previous bull market. A listing would give public-market investors their first direct, market-set read on the company's value since that round.

A reopening window, but tough comparables

The IPO plans come as capital markets begin to reopen for crypto companies following the market recovery that began last month. Bitcoin (BTC) climbed more than 30% since mid-August, when the US Treasury announced it would significantly increase buybacks of long-dated government debt, a move that helped trigger a sharp rally across crypto markets.

Still, public-market conditions remain challenging for crypto issuers. Shares of recently listed crypto companies Gemini, BitGo and eToro are down roughly 50% to 80% from their post-IPO highs, according to Bloomberg. Those listings now serve as the closest comparables investors can weigh as Blockchain.com's deal takes shape, and the milestones to watch are the public release of its registration statement, the final valuation range, and whether the reported $500 million target holds.