Blockchain.com eyes $500M IPO at up to $6B valuation, Bloomberg reports

Investing.com -- Blockchain.com Group Holdings Inc., one of the digital asset industry's pioneer service providers, is pitching prospective investors on a target public listing later this year as capital market conditions for cryptocurrency firms show signs of thawing, Bloomberg reported Monday. The company is seeking to raise approximately $500 million in an initial public offering that would value the platform between $4 billion and $6 billion, though final terms remain fluid and executives would consider a smaller offering size if necessary.

The prospective listing comes after the company confidentially filed its offering materials with the U.S. Securities and Exchange Commission earlier this year. Supported by three consecutive years of adjusted profitability, Blockchain.com is attempting to capitalize on a broader market rebound that has seen Bitcoin recover 33% since mid-August.

A successful debut would test institutional appetite following a turbulent cycle for retail-facing crypto listings. Previous market entrants, including Gemini Space Station Inc., Bullish, and Etoro Group Ltd., completed listings ahead of Bitcoin's record highs before plunging crypto valuations effectively froze the issuance pipeline, leaving shares of Gemini, BitGo Holdings Inc., and Etoro down roughly 50% to 80%.