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Points of Focus
- Blockchain.com is reportedly targeting a $500-million IPO at a $4 billion-$6 billion valuation.
- That range sits 57%-71% below the company’s $14-billion 2022 peak.
- The company has confirmed only a May 21 confidential filing, not the reported terms.
Blockchain.com is targeting a $500 million US initial public offering (IPO) at a $4 billion-$6 billion valuation, Bloomberg reported on Sept. 28, 2026, citing people familiar with the matter. The range is 57%-71% below the $14 billion valuation the company reached in 2022.
Blockchain.com declined to comment on the report, and the terms remain unconfirmed.
The company announced on May 21 that it had confidentially submitted a draft Form S-1 for Class A ordinary shares, saying the “number of shares to be offered and the price range for the proposed offering have not yet been determined.”
Blockchain.com IPO terms: $500 million raise at a $4 billion-$6 billion valuation
Bloomberg said the company, one of the oldest crypto services businesses, is telling prospective investors it wants to list in 2026 and would consider a smaller raise if needed. Deliberations are ongoing, and the details could change.
Any offering remains subject to market conditions and completion of the Securities and Exchange Commission’s review process, per the May 21 announcement. The confidential submission came 130 days before Bloomberg’s report.
A $500-million raise at that range would sell about 8.3%-12.5% of the company, assuming all new shares and a post-money valuation. Neither assumption has been confirmed.
Blockchain.com valuation falls 57%-71% from its 2022 peak
Blockchain.com reached $14 billion in a round led by Lightspeed and Baillie Gifford on March 31, 2022, more than double the $5.2 billion it was valued at in March 2021, a 169% jump. The IPO range would erase between 57% and 71% of that peak value in four and a half years. Bloomberg said a 2023 round valued it at less than half that peak.
Per user, the drop is steeper. The 2022 round came with 37 million verified users, or about $378 of valuation per user.
At $4 billion-$6 billion and the 44 million confirmed accounts the company cited on Sept. 23, that falls to about $91-$136 per user, or 64%-76% lower. The two user counts differ in definition and date, so the comparison is approximate.
Crypto IPO market: Gemini, BitGo, and eToro trade far below their listings
The target arrives after a rough stretch for crypto listings. Gemini and Bullish went public last year, and Bloomberg reports Gemini shares have lost more than 80%, BitGo nearly 60%, and eToro about 50%.
Kraken’s parent, Payward, may not debut until 2027. Bitcoin is up 33% since mid-August as of Sept. 28, after falling sharply about a year ago. That rebound is the backdrop for a listing pitch that stalled while prices fell.
Blockchain.com NYSE tokenized stocks deal adds to the IPO story
On Sept. 23, Blockchain.com and NYSE signed a memorandum of understanding (MOU) to give users access to tokenized US-listed equities and exchange-traded funds (ETFs) on NYSE’s digital trading venue, subject to regulatory approval. ICE Data Services would also distribute Blockchain.com’s crypto analytics to traditional finance clients.
Executive chairman and CEO Peter Smith called tokenized stocks “one of the most impactful advancements in the modern financial landscape.” The arrangement is an MOU, not a launch, and no timeline has been given.
The release cites a Citi Institute base-case projection of $5.5 trillion in tokenized assets by 2030 and says Blockchain.com operates in more than 70 jurisdictions.
Blockchain.com said it serves more than 95 million wallets and has facilitated over $1.1 trillion in crypto transactions since 2011, per its May 21 announcement.
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