Blockchain.com Targets $500 Million IPO This Year at Up to $6 Billion Valuation

The London-based crypto services firm confidentially filed with the SEC earlier this year and is now aiming to go public before December at a valuation that could reach $6 billion.

Blockchain.com, one of the oldest names in cryptocurrency services, is preparing to raise up to $500 million through an initial public offering in the United States before the end of 2026. The London-based company confidentially filed its IPO paperwork with the Securities and Exchange Commission earlier this year and is now moving toward a public listing that could value the firm at as much as $6 billion, according to sources familiar with the matter.

Founded in 2011 as a Bitcoin block explorer and wallet provider, Blockchain.com has evolved into a multi-service platform offering retail wallets, institutional trading, data analytics, and on-chain infrastructure. The company claims more than 37 million wallet users worldwide and processes billions of dollars in monthly trading volume through its institutional exchange. It competes with both pure-play wallet providers like Exodus and full-service exchanges such as Coinbase and Kraken.

The planned IPO comes at a moment when crypto markets have stabilized after years of volatility, and traditional capital markets are showing renewed appetite for blockchain-related equity offerings. Coinbase went public via direct listing in 2021 at a peak valuation of $86 billion but has since seen its market cap fluctuate with Bitcoin's price swings. Blockchain.com's bankers are reportedly positioning the company as a more diversified play, with revenue streams less tied to trading fees alone.

A $6 billion valuation would mark a significant step up from the company's last private fundraising round in 2022, when it raised $14 million in a down round that valued it at around $14 billion — a steep decline from its 2021 peak of $5.2 billion. The firm has since restructured operations, cut costs, and refocused on profitability, a narrative that investment banks believe will resonate with public market investors wary of cash-burning growth stories.

The timing of the IPO is notable. With Bitcoin ETFs continuing to attract inflows and regulatory clarity improving in both the U.S. and Europe under MiCA, institutional and retail interest in crypto infrastructure is climbing. Blockchain.com's offering would be the first major crypto-native IPO since Kraken's parent company acquired regulated derivatives infrastructure earlier this year, signaling that the industry is maturing beyond speculative token launches into traditional equity capital formation.

For retail investors, the IPO presents a chance to gain exposure to the crypto ecosystem without directly holding digital assets. Unlike Bitcoin or Ethereum, shares in Blockchain.com would trade on a regulated U.S. exchange, offer quarterly earnings reports, and potentially pay dividends if the company reaches sustained profitability. However, the stock would still carry significant volatility tied to crypto market cycles, regulatory developments, and competitive pressures from both centralized exchanges and decentralized protocols.

The company has not yet disclosed detailed financials, but analysts expect the prospectus to reveal revenue growth driven by institutional services and data licensing, alongside persistent losses in its consumer wallet business. The IPO's success will hinge on whether Blockchain.com can convince public investors that it has a durable competitive moat in an industry where new entrants and DeFi alternatives constantly erode market share. The offering is expected to price in late November or early December, subject to market conditions and SEC review.