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Key Takeaways
Blockchain.com reportedly aims to raise about $500 million in a US IPO this year at a $4 billion to $6 billion valuation.
Even at the top of that range, its valuation would sit about 57% below its $14 billion peak in 2022.
Kraken has also filed confidential draft IPO documents, adding to the pipeline of crypto companies seeking public listings.
Blockchain.com is seeking to raise about $500 million in a US initial public offering this year at a valuation of $4 billion to $6 billion, Bloomberg reported, citing people familiar with the discussions.
The crypto wallet and brokerage company could pursue a smaller offering if necessary.
The proposed listing would test how much public investors are willing to pay for a long-running crypto business as other firms also pursue IPOs.
It would place Blockchain.com well below the $14 billion valuation it reached during the 2022 crypto boom. The company has not announced final terms, and the size, timing, and valuation could still change.
At the top of the reported range, public investors would value Blockchain.com about 57% below its 2022 peak. At $4 billion, the discount would reach roughly 71%.
That gap shows how sharply the proposed price differs from the valuation private investors assigned to the company during the previous market cycle.
Blockchain.com confidentially submitted draft IPO documents to the US Securities and Exchange Commission in May, according to reports.
A confidential submission allows a company to begin the review process before publishing a prospectus. Investors therefore still lack a public share count, price range, and full financial disclosures for this offering.
The company started as a Bitcoin blockchain explorer in 2011 and expanded into wallets, brokerage services, and institutional products. It says it has supported more than 95 million wallets, 44 million confirmed accounts, and over $1.1 trillion in crypto transactions.
Those figures describe the scale of its platform, but public investors will also want to examine its revenue, profitability, and exposure to swings in crypto trading once it releases its filing.
Blockchain.com is also trying to expand beyond conventional crypto services. On September 23, it announced an agreement with the New York Stock Exchange to explore giving its users access to tokenized US-listed stocks and exchange-traded funds through a planned NYSE digital trading venue.
The two companies also plan to share market data across their platforms. Blockchain.com intends to bring NYSE and ICE data into its app, while ICE Data Services plans to offer Blockchain.com's crypto data to its customers.
The tokenized securities service still depends on the planned venue and required regulatory approvals; the agreement does not mean customers can use it today.
That expansion could give Blockchain.com another way to attract users and generate revenue.
For prospective IPO investors, the question is how much of that opportunity the company can translate into an operating business, rather than how large the potential market appears.
Blockchain.com is not the only crypto company preparing to enter public markets.
Kraken's parent company, Payward, announced in November 2025 that it had confidentially submitted a draft registration statement for its own US IPO.
Kraken has not set a share count or price range and says its offering depends on the SEC review and market conditions.
The pipeline suggests crypto companies see another opening to raise money from public investors. It does not guarantee strong demand for every listing.
Bloomberg reported that shares of recently listed crypto firms, including Gemini, BitGo, and eToro, remained substantially below their highs after going public.
Blockchain.com's proposed valuation captures that tension. A market recovery may help it pursue an IPO this year, but its target remains far below the price investors assigned it in 2022.
The eventual public filing and investor response will show whether the current appetite for crypto stocks can support a $4 billion to $6 billion valuation.
