Crypto exchange and wallet provider Blockchain.com is reportedly preparing to raise approximately $500 million in an initial public offering (IPO) this year. According to a Bloomberg report citing sources familiar with the matter, the company is seeking a valuation between $4 billion and $6 billion.
The target valuation sits well below the $14 billion peak the company reached during the previous crypto boom. Blockchain.com is also open to pursuing a smaller offering if necessary to successfully complete its public listing.
The IPO preparations follow a confidential draft registration filed with the US Securities and Exchange Commission in May. At the time of the filing, the company did not disclose the number of shares it planned to offer or a specific price range.
The move toward public markets coincides with a reopening of capital markets for crypto firms, following a market recovery that began after the US Treasury announced plans to significantly increase buybacks of long-dated government debt in mid-August. Bitcoin has climbed more than 30% since that announcement.
Despite the recent market rally, conditions for publicly traded crypto entities remain difficult. Bloomberg reported that shares of recently listed crypto companies such as Gemini, BitGo, and eToro continue to trade roughly 50% to 80% below their post-IPO highs.
