Blockchain.com, the London-based crypto exchange and wallet provider, is preparing for a potential public debut in 2026 with an initial public offering that could raise about US$500 million. The company is reportedly targeting a valuation between US$4 billion and US$6 billion, according to people familiar with the discussions. The plan signals renewed momentum for crypto capital markets, but the proposed valuation remains well below the firm's 2022 peak.
IPO Target and Valuation
People familiar with the matter told Bloomberg that Blockchain.com is willing to pursue a smaller offering if necessary to complete the listing. The US$4 billion to US$6 billion target range would value the company well below its US$14 billion private market peak during the 2022 crypto boom. At the top of the range, the valuation would sit approximately 57% below that earlier high.
A Sharp Valuation Reset
The company raised US$110 million in 2023 at a valuation of less than half its 2022 peak, reflecting the market's repricing of digital asset companies. The current IPO plans suggest that management is adjusting its expectations to match a more cautious public market environment. Final terms have not been announced, and the offering size, timing, and valuation could still change.
Confidential Filing and SEC Timeline
Blockchain.com confidentially filed draft registration documents with the US Securities and Exchange Commission in May 2026. A confidential SEC submission does not by itself set an initial public offering date, and the company has not disclosed how many shares it plans to offer or a potential price range. Under SEC guidance, an emerging growth company using the confidential process must publicly file at least 21 days before a roadshow.
A Broader Crypto IPO Pipeline
The listing bid is part of a broader revival in crypto IPO activity. Kraken has also filed confidential draft IPO documents, adding to the pipeline of digital asset companies seeking public listings. The renewed activity follows eToro, which priced its US initial public offering at US$52 per share in May 2025 and gave investors an early benchmark for crypto listings.
Crypto Market Recovery
Blockchain.com's plans come as crypto markets have recovered from a prolonged downturn, with Bitcoin climbing more than 30% since mid-August 2026. The rally followed the US Treasury's announcement that it would significantly increase buybacks of long-dated government debt, a move that helped lift digital asset prices. Improving sentiment has encouraged companies to test public investor appetite after a quiet period for crypto IPOs.
Challenges for New Listings
Despite the improving backdrop, capital market conditions remain challenging for crypto companies. Shares of recently listed crypto firms Gemini, BitGo, and eToro are still down roughly 50% to 80% from their post-IPO highs, according to Bloomberg. This performance highlights the gap between private market valuations and the prices public investors are currently willing to accept.
The Public Market Test
Even if Blockchain.com secures the top end of its reported range, the listing would mark a significant reset from the company's previous private market valuation. Public market investors have become more selective about crypto business models since the previous boom. The IPO will test whether the company's exchange, wallet, and infrastructure operations can support a valuation of up to US$6 billion.
The planned offering reflects both the recovery in crypto markets and a more cautious valuation environment. Blockchain.com's ability to raise approximately US$500 million will depend on whether public investors are ready to support a large digital asset listing. The coming months will reveal whether this IPO can close the gap between private market optimism and public market discipline.
Source: Bloomberg