Blockchain.com, a prominent crypto exchange and wallet provider, is reportedly preparing for an initial public offering (IPO) this year, seeking to raise approximately $500 million. This comes more than four years after the company reached a staggering $14 billion valuation during the last crypto boom.
According to a Bloomberg report, Blockchain.com is targeting a valuation between $4 billion and $6 billion for its IPO, although it remains open to a smaller offering if necessary to facilitate the public listing. The company had previously filed draft registration documents with the US Securities and Exchange Commission in May.
The potential IPO aligns with a gradual thawing of capital markets for crypto companies, following a market recovery that began last month. Bitcoin (BTC) has surged over 30% since mid-August, driven by increased buybacks of long-dated government debt by the US Treasury.
Despite these positive developments, the overall capital market conditions remain challenging for crypto firms. Shares of recently listed companies like Gemini, BitGo, and eToro have seen significant declines, with losses ranging from 50% to 80% from their post-IPO highs.