Blockchain.com, a cryptocurrency exchange and digital wallet platform, is preparing for a public market debut this year. The company plans to raise approximately $500 million through an initial public offering at a target valuation of $4 billion to $6 billion, Bloomberg reported on September 29.
The company submitted a confidential Form S-1 registration statement to the Securities and Exchange Commission in May. Blockchain.com indicated at that time that final offering details, including share quantity and pricing, had not been determined, and that the IPO would depend on favorable market conditions and SEC approval.
Company Background and Financial History
Founded in 2011, Blockchain.com began by monitoring Bitcoin blockchain transactions and has since expanded to offer digital wallet services and cryptocurrency exchange capabilities. The platform reached a $14 billion valuation during the 2022 cryptocurrency market peak. In 2023, it secured a $110 million funding round at a significantly lower valuation, less than half the previous figure.
The company has accumulated $537 million in total equity capital since its inception. According to sources familiar with its finances, Blockchain.com has maintained profitability on an adjusted earnings basis for three consecutive years.
Competitive Landscape
If Blockchain.com proceeds with the IPO, it would join a limited group of cryptocurrency companies recently entering public markets. Gemini completed a Nasdaq listing in September 2025 at $28 per share, raising $425 million. eToro went public in May 2025 at $52 per share, generating $620 million. BitGo launched its IPO in January 2026 at $18 per share, collecting approximately $212.8 million on the New York Stock Exchange.
Despite recent cryptocurrency market gains, stocks of these three companies have traded approximately 50% to 80% below their post-IPO peak values, according to Bloomberg data.
Strategic Developments
On September 23, Blockchain.com announced a memorandum of understanding with the New York Stock Exchange to explore providing customers with access to tokenized representations of U.S. equities and exchange-traded funds. The arrangement remains in exploratory stages with no launch timeline or regulatory authorization confirmed.
Bitcoin's value increased more than 30% from mid-August levels, providing a favorable market backdrop for cryptocurrency sector activity.
Blockchain.com has not announced share pricing, the total number of shares to be offered, or a definitive listing date. The company declined to comment when contacted about the reported IPO plans.
