Blockchain.com eyes $500M IPO as crypto capital markets thaw: Report — SkimNews
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- Blockchain.com is targeting a ~$500M IPO this year at a $4B–$6B valuation, according to people familiar cited by Bloomberg.
- The target valuation marks a steep haircut from the company's $14B peak reached in 2022 at the height of the crypto boom.
- Blockchain.com confidentially filed draft registration documents with the US SEC in May, per Cointelegraph, without disclosing share count or price range, and is open to a smaller offering if needed.
- Bitcoin has climbed more than 30% since mid-August, when the US Treasury announced increased buybacks of long-dated government debt, helping reopen crypto capital markets.
- Recently listed crypto stocks Gemini, BitGo, and eToro remain down 50% to 80% from their post-IPO highs, per Bloomberg, underscoring the difficult backdrop for new listings.
Why it matters: Blockchain.com's willingness to accept up to a 57% valuation haircut from its 2022 peak shows how far crypto's fundraising gravity has shifted, while the 50–80% post-IPO declines of Gemini, BitGo, and eToro give public-market investors hard receipts on how the last wave of crypto listings has actually performed.
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