Blockchain.com is preparing a possible US initial public offering (IPO) that could raise around $500 million and value the company between $4 billion and $6 billion, according to reports.
If the company reaches the top end of that range, its valuation would still be about 57% below the $14 billion level it reached during the 2022 crypto boom.
The potential IPO highlights how much the market has changed since that period. At the lower end of the proposed range, a $4 billion valuation would represent an even larger decline from the company’s previous private-market valuation.
Blockchain.com has reportedly submitted a confidential draft registration statement to the U.S. Securities and Exchange Commission.
Because the filing remains confidential, investors do not yet have access to important details such as the number of shares to be offered, the expected price range, or the company’s complete financial results.
The company could also choose to raise less than $500 million if market conditions require a smaller offering. The final valuation, offering size, and timing could therefore change before the IPO reaches the public market.
From Crypto Wallets to Tokenized Stocks
Blockchain.com began in 2011 as a Bitcoin blockchain explorer and later expanded into cryptocurrency wallets, brokerage services and institutional products.
The company says its platform has supported more than 95 million wallets, 44 million confirmed accounts, and more than $1.1 trillion in crypto transactions.
Those figures demonstrate the size of its platform, but investors will also focus on the company’s financial performance. Revenue, profitability, and exposure to changes in cryptocurrency trading activity will be important factors once more detailed financial information becomes public.
The company is also looking beyond traditional crypto services. On September 23, Blockchain.com announced an agreement with the New York Stock Exchange to explore access to tokenized US-listed stocks and exchange-traded funds through a planned NYSE digital trading venue.
The partnership could help Blockchain.com expand its user base and create additional revenue opportunities. However, the proposed service still depends on the launch of the venue and requires regulatory approval.
Crypto IPOs Enter a New Test of Investor Demand
Blockchain.com is not alone in preparing for a public-market debut. Kraken’s parent company, Payward, announced in November 2025 that it had confidentially submitted a draft registration statement for a US IPO.
The growing IPO pipeline suggests that crypto companies are looking to take advantage of renewed interest in digital-asset businesses.
At the same time, recent listings have shown that investor demand can change quickly. Bloomberg reported that shares of recently listed crypto companies, including Gemini, BitGo and eToro, remained substantially below their highs after going public.
For Blockchain.com, the proposed IPO will therefore be closely watched. Its eventual public filing will provide investors with a clearer picture of the company’s finances and business model.
The market response will then show whether public investors are prepared to support a valuation of $4 billion to $6 billion as the company attempts to build its next stage of growth.
