Blockchain.com is reportedly aiming for a valuation of $4 billion to $6 billion in a potential U.S. initial public offering this year, as the cryptocurrency brokerage seeks to capitalize on an improving market for digital assets.
IPO Plans and Fundraising
The company is looking to raise approximately $500 million through the listing, according to sources familiar with the plans cited by Bloomberg. Blockchain.com may opt for a smaller offering depending on market conditions, and discussions are ongoing, with the terms subject to change. These plans follow a confidential filing submitted to the Securities and Exchange Commission in May for an offering of Class A ordinary shares. At the time of that filing, the number of shares and expected price range had not yet been determined.
Business Expansion Beyond Core Services
In the months since its confidential filing, Blockchain.com has been actively broadening its business operations, moving beyond its foundational services in crypto wallets and brokerage.
Last week, the company entered into an agreement with the New York Stock Exchange (NYSE) to explore providing Blockchain.com users with access to tokenized U.S.-listed stocks and exchange-traded funds (ETFs) via the NYSE’s planned digital trading platform. The two entities also intend to integrate market data across their respective platforms.
This partnership builds upon Blockchain.com’s existing initiatives in tokenized equities. Earlier this year, the company expanded its collaboration with Ondo Finance to offer tokenized U.S. stocks and ETFs to eligible European users, following prior product rollouts in markets such as Africa and South America.
Diversification into Derivatives and Prediction Markets
Blockchain.com has also been expanding its offerings into derivatives and prediction markets. In September, it launched perpetual contracts designed to track the valuations of private AI companies OpenAI and Anthropic, utilizing infrastructure powered by Hyperliquid. Additionally, the company partnered with Polymarket in July to incorporate prediction markets into its application.
Global Growth and Regulatory Milestones
The company’s international presence has grown in tandem with these product developments. In August, Blockchain.com secured a definitive Virtual Asset Service Provider (VASP) custody services license in the Cayman Islands and was subsequently admitted to the Nigerian SEC’s regulatory incubation program later that month.
Furthermore, Blockchain.com has expanded its institutional payments business into Brazil, employing stablecoins for cross-border settlement and dollar liquidity. The company reports managing over 95 million wallets and 44 million confirmed accounts, having processed more than $1.2 trillion in transactions across more than 70 jurisdictions.
Previous IPO Considerations and Valuation Shifts
Blockchain.com has previously explored public market entry. The company considered an IPO as early as 2022, when private investors had valued it at $14 billion. A subsequent $110 million funding round in 2023 valued the business at less than half of that previous valuation. Since its inception, the company has raised approximately $537 million in equity capital, according to its website.
Founded in 2011, Blockchain.com initially developed tools for tracking activity on the Bitcoin network before expanding into wallets, brokerage, trading, and institutional crypto services.
Market Recovery and Profitability
The renewed push for an IPO comes as Bitcoin has seen a recovery from its decline last year, potentially creating an opportune moment for crypto companies seeking access to public markets. Blockchain.com has also maintained profitability on an adjusted basis for the past three years, according to individuals familiar with the company who were cited when its confidential filing was disclosed earlier this year.
