Reportedly, Blockchain.com, a company providing cryptocurrency exchange and wallet services, plans to raise around $500 million in an initial public offering (IPO) this year, more than four years after the company reached a valuation of $14 billion at the peak of the previous crypto boom.
Citing sources familiar with the matter, Bloomberg reported on Monday that Blockchain.com is counting on an IPO with a valuation ranging from $4 billion to $6 billion. The company is also prepared to consider a smaller share placement if that is what it takes to complete the public offering.
As previously reported, in May Blockchain.com confidentially filed draft registration documents with the U.S. Securities and Exchange Commission (SEC), paving the way for a potential IPO. At the time, the company did not disclose how many shares it planned to offer or what the price range might be.
The plans for an IPO come amid a revival in capital markets following a market recovery that began last month. Bitcoin (BTC) has risen more than 30% since mid-August, when the U.S. Treasury Department announced a significant increase in buybacks of long-term government bonds, contributing to a sharp rally in the cryptocurrency markets.
Nevertheless, capital market conditions remain challenging for crypto companies. According to Bloomberg, shares of recently listed crypto companies Gemini, BitGo and eToro are still down roughly 50-80% from their post-IPO highs.
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