Blockchain.com Targets $500 Million IPO, $4-6 Billion Valuation This Year

Blockchain.com Group Holdings Inc. is telling prospective investors it aims to go public in 2026, seeking to raise about $500 million at a $4 billion to $6 billion valuation, according to people familiar with the matter. The company would consider a smaller raise if needed. The crypto services firm filed confidentially with the US Securities and Exchange Commission earlier this year and has been profitable on an adjusted basis for three years, the people said. Deliberations are ongoing and terms could change. The IPO plan follows a crypto market recovery, with Bitcoin up 33% since mid-August after a sharp decline roughly a year ago. Recent crypto listings have struggled: Gemini has lost over 80% since going public, BitGo nearly 60%, and Etoro about 50%. Founded in 2011, Blockchain.com raised $110 million in 2023 at a valuation less than half its 2022 peak of $14 billion. It has raised $537 million in equity capital.