Blockchain.com plans to raise $500 million in IPO

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Blockchain.com plans to raise $500

The crypto market reopens the IPO window

Blockchain.com is preparing to go public just as conditions in the digital asset market are starting to improve. Bitcoin has risen by about 33% since mid-August after a sharp decline roughly a year ago.

Several crypto-related companies went public last year, including Gemini, Bullish and eToro. However, after Bitcoin reached an all-time high in early October, the market reversed, and new listings largely came to a halt.

Investors who bought shares in crypto companies during the previous IPO wave have suffered significant losses. Gemini shares have fallen by more than 80% since listing, crypto custodian BitGo is down nearly 60%, while eToro has lost about 50%.

Blockchain.com has already filed for an IPO

Earlier this year, Blockchain.com confidentially filed for an IPO with the U.S. Securities and Exchange Commission. According to Bloomberg sources, the company has been profitable on an adjusted basis for three years.

Payward, the parent company of crypto exchange Kraken, is also considering going public. However, preparations for its IPO have slowed, and the debut could be pushed back to 2027.

Blockchain.com was founded in 2011 by three members of BitcoinTalk.org, one of the earliest Bitcoin forums. The service initially focused on tracking activity on the Bitcoin blockchain before launching a crypto wallet and its own exchange.

The company’s valuation has fallen sharply

In 2023, Blockchain.com raised $110 million in a funding round led by UK-based Kingsway Capital. The deal valued the company at less than half of the $14 billion valuation it had reached in spring 2022.

Blockchain.com had already considered an IPO in 2022, but those plans were never realized. According to the company, it has raised a total of $537 million in equity capital.

In September, Blockchain.com also announced a partnership with the New York Stock Exchange. The companies plan to explore the possibility of round-the-clock trading in tokenized U.S. stocks and exchange-traded funds.

Who else is preparing for an IPO

Among other major crypto companies preparing to go public is Kraken. The exchange’s parent company, Payward, previously filed confidentially for a U.S. IPO, but the timeline has been delayed due to weaker conditions in the crypto market. According to Bloomberg, Kraken’s listing may now take place only in 2027.

Other companies remain in the pipeline as well. MetaMask developer Consensys is working on an IPO with JPMorgan and Goldman Sachs, although its public debut has also been delayed. Grayscale previously filed to list on the NYSE under the ticker GRAY, but has also paused the process. Fireblocks, Chainalysis and South Korean crypto exchange Bithumb have also considered going public at various times.

Blockchain.com has also expanded its range of tokenized assets, adding 173 new assets.

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