Blockchain.com Group Holdings Inc. is targeting a U.S. stock market listing this year and is seeking to raise about $500 million through an initial public offering (IPO).
Bloomberg reported on September 29, citing people familiar with the matter, that Blockchain.com is targeting a valuation of $4 billion to $6 billion at listing. The company could reduce the size of the offering depending on market conditions, while the timing and terms of the IPO remain subject to change. A Blockchain.com spokesperson declined to comment on the reported IPO plans.
The potential listing comes as cryptocurrency markets recover from the downturn that previously slowed activity among crypto companies seeking public listings.
SEC filing came in May
Blockchain.com’s IPO process had already moved forward earlier this year. On May 21, the company confirmed that it had confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) for a proposed offering of its Class A ordinary shares.
At the time, Blockchain.com said it had not determined the number of shares to be offered or the expected price range. It also said the IPO would depend on market conditions and completion of the SEC review process.
The confidential filing did not include public details on the offering. The reported $500 million fundraising target and $4 billion to $6 billion valuation therefore remain proposed terms rather than finalized IPO figures.
Crypto IPO activity picks up
Blockchain.com’s planned listing comes amid renewed activity in the crypto IPO market, with several digital-asset companies turning to public markets over the past two years.
Gemini went public on Nasdaq in September 2025, pricing its shares at $28 and raising $425 million at a valuation of about $3.3 billion. The stock initially opened at $37.01 and closed its first trading day at $32 as per Nasdaq data. However, Gemini shares later fell sharply.
The Crypto Times reported in March 2026 that the stock had dropped more than 80% from its first-day close and about 78.5% below its IPO price. Investors also filed a proposed class-action lawsuit alleging that Gemini failed to disclose risks related to its business strategy fully.
Other crypto companies have also entered public markets. eToro raised $620 million in its May 2025 IPO after pricing shares at $52. Its stock gained nearly 30% on its first trading day. Bullish, the crypto exchange backed by Peter Thiel, filed for a U.S. IPO in July 2025 after previously delaying plans to go public through a SPAC. The company reported a $349 million net loss in the first quarter of 2025.
In January 2026, crypto custodian BitGo priced its IPO at $18 per share and raised about $212.8 million. Its shares began trading on the New York Stock Exchange under the ticker BTGO.
Blockchain.com’s planned IPO would add another major crypto company to this group. However, its reported $500 million fundraising target and $4 billion to $6 billion valuation are not final and could change depending on market conditions.
Blockchain.com expands beyond crypto trading
Blockchain.com has been profitable on an adjusted basis for three consecutive years, according to people familiar with the company’s finances. The company was valued at $14 billion in 2022 before raising $110 million in 2023 at a valuation of less than half that level. Blockchain.com says it has raised $537 million in total equity funding.
Founded in 2011, the company began by tracking Bitcoin blockchain activity before expanding into wallets and exchange services. Blockchain.com had considered an IPO as early as 2022. The company is now pursuing its IPO alongside a push into tokenized traditional assets
On September 23, Blockchain.com and the New York Stock Exchange announced a memorandum of understanding to explore giving Blockchain.com’s users access to tokenized U.S. exchange-listed stocks and exchange-traded funds through the NYSE’s planned digital trading venue.
The agreement is not a live trading product and does not establish a launch date. It remains subject to required regulatory approvals.
The NYSE announced its digital venue in January 2026, describing a platform designed for 24/7 trading of tokenized U.S. equities and ETFs, instant settlement, dollar-based orders and stablecoin funding.
For Blockchain.com, the partnership could connect its crypto user base with tokenized versions of traditional financial assets.
Approval still needed
Blockchain.com users cannot currently trade tokenized U.S. stocks through the NYSE under the September agreement. The NYSE’s digital trading venue still requires regulatory approvals before it can launch, and neither company has announced when the service could become available.
The partnership places Blockchain.com’s IPO plans alongside its broader expansion into tokenization, as crypto companies and traditional financial institutions explore blockchain-based versions of financial assets.
Blockchain.com’s proposed IPO valuation of $4 billion to $6 billion would remain below the $14 billion valuation the company reached in 2022.
For now, the IPO remains subject to market conditions, SEC review, and final offering terms. Blockchain.com has not disclosed a public share-price range, number of shares or confirmed listing date.
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