Bitcoin has climbed 33% since mid‑August after a steep drop about a year ago, and that recovery mood matters. Last year, several crypto names reached public markets before Bitcoin's early October peak, then new listings largely stopped as prices plunged. Gemini Space Station Inc. and Bullish, along with platform Etoro Group Ltd., did get out, but results since have been tough: Gemini's shares are down more than 80%, BitGo Holdings Inc. has fallen nearly 60%, and Etoro is off about 50%.
According to people who asked not to be identified because the talks are private, Blockchain.com is telling investors it wants to list this year, seeking roughly $500 million and a valuation between $4 billion and $6 billion. One person said the company would be open to a smaller raise if needed. The contours could shift as deliberations continue. A company spokesperson declined to comment.
The firm submitted a confidential registration to the US Securities and Exchange Commission earlier this year. According to people familiar, Blockchain.com has generated adjusted profits for the past three years. In 2011, three participants from the first Bitcoin online forum, BitcoinTalk.org, started the company. It started by tracking Bitcoin blockchain activity, then added a wallet and later an exchange.
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In 2023, Blockchain.com raised $110 million in a Series E strategic round led by UK-based Kingsway Capital, which marked a valuation of less than half its $14 billion level from spring 2022. Its website says the company's cumulative equity funding is $537 million, and it had earlier weighed an IPO as early as 2022. In September, it partnered with the New York Stock Exchange to assess providing 24/7/365 availability for tokenized US stocks as well as exchange-traded funds.
Elsewhere, Kraken parent Payward Inc. is also eyeing a listing, though Bloomberg News reported in May that its timeline has decelerated and the debut might not come until 2027.
If Blockchain.com gets to market, it offers another way to track crypto's picks-and-shovels side in public equities, a corner that often shadows Bitcoin's swings. Given how mixed recent crypto listings have been, the tells to watch are the final valuation, how much cash it ultimately raises, and any fresh profitability details in its prospectus. Those will say more about the kind of ride investors might be signing up for.
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