Blockchain.com, one of the longest-standing firms in digital-asset services, is preparing a push toward public markets this year as conditions in cryptocurrency trading begin to improve.
According to people briefed on the discussions, the company has been approaching potential investors with plans for a listing that would raise roughly $500 million and value the business between $4 billion and $6 billion.
Officials have also indicated they would accept a smaller offering if market conditions required it.
Details remain fluid and could still shift.
A company representative declined to comment.
The effort builds on a confidential draft registration statement submitted to the US Securities and Exchange Commission (SEC) in May.
At that time the firm had not yet set the number of shares or a price range.
The confidential process lets companies complete regulatory review before revealing full financial details, giving management more control over timing.
Blockchain.com has now been profitable on an adjusted basis for three consecutive years, a distinction that sets it apart from several other crypto companies that have tested public markets.
Founded in 2011 by participants in the early BitcoinTalk forum, the company first offered a blockchain explorer before expanding into wallets, brokerage, trading and institutional products.
It now supports tens of millions of wallets and accounts and has processed more than $1 trillion in transactions.
Its last private funding round, a $110 million Series E in 2023 led by Kingsway Capital, valued the firm at about $7 billion—less than half the $14 billion peak it reached during the 2022 bull market. Total equity raised stands at $537 million.
The company employs about 500 people.
The timing coincides with a rebound in digital asset prices.
Bitcoin has risen about 33 percent since mid-August after a steep decline a year earlier.
That recovery has reopened conversations about listings after a period in which several 2025 debuts—Gemini, Bullish and eToro among them—were followed by sharp share-price drops once token values fell.
Those earlier listings occurred just before Bitcoin’s October peak; subsequent market weakness froze most new offerings.
Kraken’s parent company has also signaled interest in going public, though its timetable has slipped.
Blockchain.com has continued to broaden its product set while preparing the offering.
In late September it signed a memorandum of understanding with the New York Stock Exchange (NYSE) to explore tokenized versions of US-listed stocks and exchange-traded funds on a new digital platform, subject to regulatory approval.
The firms also plan to share market data.
The expansion beyond core wallet and brokerage services is intended to position the company for a wider investor base once it lists.
The targeted valuation reflects a more cautious pricing environment than the heights of 2022.
Investors who participated in earlier crypto listings have seen mixed results, and recent public crypto stocks have given back large portions of their post-IPO gains.
Blockchain.com’s combination of longevity, reported adjusted profitability and an established user base may help it stand out, yet the offering still depends on continued market stability and completion of the SEC review.
Deliberations with bankers and investors are ongoing.
If successful, the listing would add another long-established crypto infrastructure firm to US public markets and test whether improved token prices can support a more durable window for digital asset companies.
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