Blockchain.com Seeks $500M IPO as Crypto Markets Reopen

Blockchain.com is preparing to test the public markets with a planned initial public offering that could raise about $500 million, according to a report. The move comes as crypto capital markets show signs of reopening after a prolonged slowdown in listings and private fundraising.

The company is reportedly seeking a valuation of as much as $6 billion, a sharp step down from its 2022 peak. That reset reflects a broader repricing across the digital asset sector, where investors have become more selective and recently listed crypto equities have struggled to sustain early gains.

For Blockchain.com, the proposed offering would mark a significant milestone for one of the industry’s better-known infrastructure and brokerage brands. A successful debut could signal that public investors are again willing to underwrite crypto-native businesses, provided they show durable revenue, disciplined costs and a clearer path to profitability.

The timing also matters. Crypto markets have improved alongside stronger risk appetite, but the public-market window remains narrow. Companies seeking listings now face a more demanding backdrop than in the last cycle, when growth narratives often outweighed balance-sheet concerns and operating leverage.

A valuation near $6 billion would suggest that management and underwriters are prioritizing execution over peak-cycle pricing. That may help the deal find support if investors view the company as a relatively established platform with diversified exposure to trading, custody and related services.

Still, the broader read-through is cautious. Recent crypto listings have not delivered consistent post-IPO performance, underscoring that capital is available but not indiscriminate. Any Blockchain.com deal will likely be judged not only on brand recognition, but also on margins, user retention and the durability of transaction activity across market cycles.