Crypto companies are testing equity markets again as digital asset prices recover and listing plans return to focus. Blockchain.com is now reportedly seeking to raise about $500 million in an initial public offering this year, well below the $14 billion valuation it reached during the previous crypto boom.
Highlights
- Blockchain.com is targeting an IPO valuation between $4 billion and $6 billion, with flexibility for a smaller offering if needed.
- The company confidentially filed draft registration documents with the U.S. Securities and Exchange Commission in May, but has not disclosed share count or price range.
- Recent crypto IPOs like Gemini, BitGo, and eToro are trading 50% to 80% below their post-IPO highs despite a 30% bitcoin rally since mid-August.
Proposed listing size and valuation
As first reported by Cointelegraph, citing Bloomberg, Blockchain.com is seeking an IPO valuation of between $4 billion and $6 billion, citing people familiar with the matter. The crypto exchange and wallet provider is also open to a smaller offering if that is needed to complete a public listing.Blockchain.com confidentially filed draft registration documents with the U.S. Securities and Exchange Commission in May, setting up a possible IPO. At that stage, the company did not disclose how many shares it planned to offer or a potential price range.
Market window reopens for crypto issuers
The listing effort comes as capital markets begin to reopen for crypto companies after a market recovery that started last month. Bitcoin has risen more than 30% since mid-August, when the U.S. Treasury said it would significantly increase buybacks of long-dated government debt, helping spark a broader rally across crypto markets.Even so, conditions for new crypto listings remain difficult. According to Bloomberg, shares of recently listed crypto companies Gemini, BitGo and eToro remain down about 50% to 80% from their post-IPO highs.
Bitcoin’s strong Q3 performance has been tempered by renewed macro pressure from rising oil prices and higher long-dated U.S. Treasury yields, which can weigh on risk appetite in crypto. Our earlier article noted that while BTC remained up sharply for the quarter, persistent inflation concerns tied to energy and rates could keep markets volatile heading into Q4.
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