Blockchain.com is targeting a U.S. initial public offering in 2026 that could raise about $500 million at a valuation of $4 billion to $6 billion, Bloomberg reported, a steep discount to the $14 billion valuation the crypto company commanded in 2022.

The company has confidentially filed for an IPO with the U.S. Securities and Exchange Commission, Bloomberg reported, citing people familiar with the matter. The terms remain under discussion and could change, including the size of the offering.

INSTITUTIONAL | Blockchain.com ‘Confidentially’ Files for an IPO to Go Public

A valuation of $6 billion would put Blockchain.com at less than half its 2022 private-market valuation, while a $4 billion valuation would represent a decline of more than 70%.

Blockchain.com raised $110 million in 2023 at a valuation of less than half its 2022 level as a downturn in crypto markets weighed on the sector.

The company, founded in 2011, provides crypto wallet, exchange, and trading services and has expanded into tokenized securities.

The proposed IPO comes as crypto companies return to public markets after a period of subdued issuance.

INSIGHTS | Why the Market Has No Appetite for Crypto IPOs

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