Blockchain.com, one of the digital asset industry’s earliest infrastructure providers, is pitching investors on a public listing before the end of the year, according to Bloomberg, in a move that would raise approximately $500 million and value the company between $4 billion and $6 billion.

The plan reflects a broader thaw in capital markets for crypto firms following months of frozen issuance activity.

What Bloomberg’s Report Details

According to people familiar with the matter cited by Bloomberg, Blockchain.com is targeting a public debut later this year and is seeking to raise around $500 million through the offering. The targeted valuation range of $4 billion to $6 billion remains fluid, and the company’s executives are reportedly prepared to accept a smaller offering size if market conditions require it. Final terms of the listing have not been settled and could still change before any formal launch.

The prospective IPO follows a confidential filing Blockchain.com submitted to the U.S. Securities and Exchange Commission earlier this year, in May, laying the regulatory groundwork for a future public offering without yet disclosing detailed financial terms to the public.

Why the Timing Makes Sense

Blockchain.com’s push toward public markets coincides with a broader recovery across crypto asset prices. Bitcoin has climbed 33% since mid-August, according to Bloomberg’s reporting, helping restore some investor appetite for crypto-adjacent public offerings after a difficult stretch for the sector’s previous listings. The company has also built a three-year track record of adjusted profitability, giving it a stronger financial narrative to present to prospective public market investors than many of its crypto industry peers.

A Cautionary Tale From Recent Crypto IPOs

Any successful debut from Blockchain.com would serve as an important test of institutional appetite for crypto listings, given the rocky performance of companies that went public earlier in this cycle. Gemini Space Station Inc., Bullish, and eToro Group Ltd. all completed their public listings ahead of Bitcoin’s record highs, only to see their share prices collapse once broader crypto valuations turned sharply lower. According to Bloomberg, shares of Gemini, BitGo Holdings Inc., and eToro have since fallen roughly 50% to 80% from their post-listing levels — a pattern that effectively froze the pipeline of new crypto companies attempting to go public in the months that followed.

Blockchain.com’s Long Road to This Point

The company’s renewed IPO push represents its second serious attempt at a public listing, having previously weighed going public back in 2022 before shelving those plans. Blockchain.com was founded in 2011, initially launching as a blockchain explorer — a tool allowing users to track and verify Bitcoin transactions, blocks, and wallet addresses on the network. The company subsequently expanded well beyond that original function, building out cryptocurrency wallet services, a full trading exchange, and market data and analytics products for investors.

Over its history, Blockchain.com has raised a total of $537 million in equity funding. Its most recent major fundraising round was a $110 million Series E raise in 2023, led by Kingsway Capital, which valued the company at less than half of its previous peak valuation of $14 billion — a steep markdown reflecting the broader crypto market downturn that occurred between the company’s earlier high point and that funding round.

What Blockchain.com Actually Does

Today, Blockchain.com operates as a multi-service digital asset platform built around several core products. Its original blockchain explorer remains a widely used tool for tracking transactions across Bitcoin and other networks. The company also offers cryptocurrency wallet services, including access to both custodial and decentralized finance (DeFi) wallet options for storing Bitcoin, Ethereum, and thousands of other digital assets. Beyond storage, the platform functions as a trading exchange enabling users to buy, sell, and exchange cryptocurrencies, and additionally provides market data, charts, and analytical tools aimed at institutional and retail investors alike.

Part of a Broader, Cautious Return to Public Markets

Blockchain.com’s IPO timeline reflects a wider — though still tentative — pattern of digital asset infrastructure companies once again eyeing public listings after the sector’s issuance pipeline largely froze following the underwhelming performance of earlier 2024-2025 crypto debuts. Rival exchange operator Payward Inc., the parent company of Kraken, has also been pursuing its own path toward a public listing, though Bloomberg’s reporting indicates that debut has faced repeated delays and may not actually materialize until 2027 — underscoring that even well-established crypto companies are proceeding cautiously given the sector’s recent public market track record.

Why This Matters for the Broader Crypto Industry

Blockchain.com’s IPO attempt carries significance well beyond the company itself. As one of crypto’s longest-operating platforms — predating the vast majority of exchanges and wallet providers currently active in the industry — its ability to successfully complete a public offering, and more importantly to sustain its valuation afterward, would offer a meaningful signal about whether institutional and retail investors are genuinely ready to re-engage with crypto equity offerings, or whether the scars from Gemini, Bullish, and eToro’s post-listing declines remain too fresh.

What Comes Next

With terms still fluid and no confirmed launch date beyond a general target of “later this year,” the coming months will likely bring further detail on Blockchain.com’s specific offering structure, updated financial disclosures, and ultimately whether the company proceeds at its targeted $4-6 billion valuation range or adjusts expectations based on market conditions closer to launch.

Given the cautionary examples set by prior crypto IPOs this cycle, market participants are likely to watch Blockchain.com’s roadshow and pricing process closely as an early indicator of whether crypto’s public listing pipeline is genuinely thawing or merely testing the waters before a broader wave of offerings, including Kraken’s long-delayed debut, potentially follows in 2027.