A $500 million raise at a $4 billion to $6 billion valuation would float between about 8% and 12.5% of the company, on a day a profitable consumer tech company shelved its debut.
Blockchain.com wants to go public before the year is out, in a market that is getting harder to read.
People familiar with the matter said the London-based operator of a crypto exchange, wallet and trading and lending services wants to be public before 2027 begins. The target is about $500 million of new money, with a valuation between $4 billion and $6 billion, and talks with potential investors are under way.
Its IPO paperwork went to the Securities and Exchange Commission on a confidential basis earlier in 2026. A confidential filing lets a company begin the SEC's review before disclosing its financials publicly. The company has not confirmed the target figures.
The math
A $500 million raise would sell between about 8% and 12.5% of the company, depending on where in the range it prices. At the high end of the range, it would put Blockchain.com above the more than $3 billion valuation at which Gemini, another crypto exchange, priced its IPO in September 2025.
The window
The target lands in a mixed week for new listings. On Tuesday, smart-ring maker Oura postponed a $2.1 billion IPO hours before pricing, citing uncertainty in the market despite strong demand. Holtec Nuclear and Bamboo Insurance pulled back in the past several days as well. Anthropic's listing, once planned for October, is now slated for November.
Crypto companies were already cautious. Several delayed listing plans after a weak market early in 2026, which made this a quiet year for crypto IPOs even as overall IPO proceeds climbed.
The asset backdrop has been steadier than the IPO calendar. Bitcoin is up about 7% in September, near $84,000, on track for a third straight monthly gain, even as the 10-year Treasury yield touched about 5.29% on Tuesday.
The next test
A public S-1 filing would be the first confirmation, and the first look at Blockchain.com's revenue, profitability and the mix between trading fees and its other businesses. Until then, the pricing of other large deals, starting with Anthropic's in November, will show whether a year-end crypto listing has a market to enter.