Blockchain.com plans to raise around $500 million via an initial public offering (IPO), targeting a maximum valuation of $6 billion.

Crypto exchange and wallet service provider Blockchain.com plans to raise around $500 million via an initial public offering (IPO) this year, targeting a valuation of between $4 billion and $6 billion. The firm is also open to a smaller offering if needed to complete the listing. This valuation is significantly lower than the $14 billion it reached during the last crypto market peak in 2022. Blockchain.com confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC) in May this year to prepare for the potential IPO, though it did not disclose the number of shares to be offered or a price range at that time. The listing plan comes as the crypto market rebounds, with capital market financing channels for related companies starting to reopen. Bitcoin has rallied more than 30% since mid-August. However, the IPO environment for crypto firms remains challenging, as shares of recently listed firms Gemini, BitGo, and eToro have still fallen by roughly 50% to 80% from their post-IPO highs.