Blockchain.com plans to raise $500 million in an IPO, with a target valuation of up to $6 billion

According to Bloomberg, citing informed sources, the cryptocurrency exchange and wallet service provider Blockchain.com plans to complete its initial public offering (IPO) this year, aiming to raise approximately $500 million, with a target valuation range of $4 billion to $6 billion.

Informed sources stated that if the listing process requires it, the company is also willing to accept a smaller issuance plan. Blockchain.com reached a valuation of $14 billion during the last peak of the cryptocurrency market, and this target valuation is significantly lower than that level. In May of this year, the company secretly submitted a draft registration document to the U.S. Securities and Exchange Commission to pave the way for a potential IPO, at that time not disclosing the number of shares to be issued or the price range.

This listing plan comes as the capital market environment for cryptocurrency companies is reopening. Since mid-August, when the U.S. Treasury announced a significant increase in long-term Treasury bond repurchases, the price of Bitcoin has risen by more than 30%, driving an overall rebound in the cryptocurrency market. However, market conditions remain challenging; according to Bloomberg data, the stock prices of recently listed companies Gemini, BitGo, and eToro have fallen by about 50% to 80% from their post-listing highs.