Blockchain.com hit $14 billion at the top of the last cycle. It's now targeting $4 to 6 billion, less than half that peak, and calling it a comeback story anyway. Worth sitting with that gap before reading this purely as bullish momentum.
Per Bloomberg, the company is telling prospective investors it wants to raise roughly $500 million in a US listing this year, with room to accept a smaller raise if market conditions demand it. It confidentially filed with the SEC back in May, and has reportedly posted adjusted profitability for three straight years, a real operating detail, not just a narrative pitch. The timing lines up with BTC's own recovery, up roughly 30 to 33% since mid August, when Treasury's buyback program started reshaping liquidity conditions.
Worth being honest about the backdrop this IPO is stepping into. Gemini, Bullish, and eToro all went public last year, and the aftermath hasn't been kind, Gemini's down more than 80% from its debut, BitGo roughly 60%, eToro around 50%. That's the actual track record recent crypto listings have set.
Blockchain.com has also been genuinely expanding its product surface beyond core wallet and exchange services, tokenized stocks and ETFs through Ondo Finance, and reportedly a new NYSE agreement explored last week. That diversification is a real part of the pitch to investors, not just riding BTC's price.
My honest read: profitable operations and a real product expansion story make this a more substantive listing than pure momentum plays, but the sector's post IPO performance this year is a genuine headwind this valuation range has to overcome, not just market sentiment.
What I'm watching: whether Blockchain.com actually files the S-1 and locks a valuation, and how it trades relative to Gemini, BitGo, and eToro's rough first year if it does.
$BTC #BTC Price Analysis# $XRP #Meme Alpha#
Per Bloomberg, the company is telling prospective investors it wants to raise roughly $500 million in a US listing this year, with room to accept a smaller raise if market conditions demand it. It confidentially filed with the SEC back in May, and has reportedly posted adjusted profitability for three straight years, a real operating detail, not just a narrative pitch. The timing lines up with BTC's own recovery, up roughly 30 to 33% since mid August, when Treasury's buyback program started reshaping liquidity conditions.
Worth being honest about the backdrop this IPO is stepping into. Gemini, Bullish, and eToro all went public last year, and the aftermath hasn't been kind, Gemini's down more than 80% from its debut, BitGo roughly 60%, eToro around 50%. That's the actual track record recent crypto listings have set.
Blockchain.com has also been genuinely expanding its product surface beyond core wallet and exchange services, tokenized stocks and ETFs through Ondo Finance, and reportedly a new NYSE agreement explored last week. That diversification is a real part of the pitch to investors, not just riding BTC's price.
My honest read: profitable operations and a real product expansion story make this a more substantive listing than pure momentum plays, but the sector's post IPO performance this year is a genuine headwind this valuation range has to overcome, not just market sentiment.
What I'm watching: whether Blockchain.com actually files the S-1 and locks a valuation, and how it trades relative to Gemini, BitGo, and eToro's rough first year if it does.
$BTC #BTC Price Analysis# $XRP #Meme Alpha#
