Blockchain.com is aiming for a valuation of $4 billion to $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 roughly $500 million through the listing, according to people familiar with the plans cited by Bloomberg. It could pursue a smaller offering depending on market conditions, and with discussions still ongoing, the terms could still change.

The contemplated listing builds 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 to be offered or an expected price range. A completed listing would give outside investors their first opportunity to buy Blockchain.com shares on public markets since the company's 2023 funding round.

Broadening Beyond Wallets and Brokerage

In the months since that filing, Blockchain.com has been widening its business as it moves beyond its roots in crypto wallets and brokerage services — a diversification that shapes the operating profile prospective public investors would evaluate.

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 two companies also plan to integrate market data across their platforms.

That partnership builds on Blockchain.com's existing push into tokenized equities — the practice of representing traditional assets such as stocks as blockchain-based tokens. 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.

The company 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. In July, it partnered with Polymarket to bring prediction markets into its app.

An Expanding International Footprint

Blockchain.com's international presence has grown alongside those product launches. In August, the company secured a definitive VASP custody services license in the Cayman Islands — a virtual asset service provider authorization covering custody services — and, later that month, was admitted to the Nigerian SEC's regulatory incubation program.

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.

Previous IPO Considerations and Company Background

Blockchain.com has weighed entering the public markets before. It explored an IPO as early as 2022, when private investors had valued the firm at $14 billion. A subsequent $110 million funding round in 2023 valued the business at less than half that level. A public listing within the targeted range would still leave Blockchain.com valued well below its 2022 private-market peak. The company has raised about $537 million in equity capital since its founding, according to its website.

Founded in 2011, Blockchain.com 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. According to people familiar with the company cited when its confidential filing was disclosed earlier this year, Blockchain.com has also been profitable on an adjusted basis for the past three years. The next concrete marker for the offering would be a public prospectus, which would disclose the share count and price range left undetermined since the May filing.