Blockchain.com is reviving its listing plans with a confidential SEC filing. The London-based crypto services platform is targeting a roughly $500 million raise and a valuation between $4 billion and $6 billion, aiming to close the deal before year-end 2026.
🔑 Key takeaways
- Confidential IPO filing with the SEC submitted in May 2026
- Target raise: $500M at a $4-6B valuation
- Over 95 million wallets created and 44 million verified accounts
- Adjusted profitability for three consecutive fiscal years
- Valuation sits well below the $14B peak reached in 2022
A quiet return to the public markets
According to sources familiar with the matter cited by Bloomberg on September 28, 2026, Blockchain.com confidentially submitted its initial public offering paperwork to the US Securities and Exchange Commission during the first half of 2026. The confidential filing, made in May 2026, allows the company to begin the SEC review process before any public disclosure of financial details.
The London-headquartered crypto financial services firm is targeting a roughly $500 million raise and a valuation between $4 billion and $6 billion. Should market conditions turn unfavorable, Blockchain.com may opt for a smaller raise than the initial $500 million target, the sources added. The company declined to comment to CoinDesk.
“The targeted valuation remains well short of the $14 billion peak reached in 2022, signaling that the market has recalibrated its expectations toward mature crypto players.”
Crypto market analyst, September 2026
A bumpy financial trajectory
This is not Blockchain.com’s first IPO attempt. Back in 2022, the company explored a listing when private investors valued it at $14 billion. A $110 million funding round in 2023, however, brought that valuation down to less than half of its previous peak.
Since its founding in 2011, Blockchain.com has raised a total of approximately $537 million in equity, according to data published on its website. Originally focused on Bitcoin network tracking tools, the platform has progressively expanded into digital wallets, brokerage, trading, and institutional crypto-asset services.
| Key metric | Figure |
|---|---|
| Wallets created | 95M+ |
| Verified users | 44M |
| Transactions processed | $1,200B+ |
| Jurisdictions covered | 70+ |
| Total equity raised since 2011 | $537M |
| 2022 valuation peak | $14B |
According to people close to the company, Blockchain.com has been profitable on an adjusted basis for three consecutive fiscal years, a profile that bolsters its appeal to institutional investors weighing fundamentals ahead of any post-IPO rebound.
An aggressive strategic diversification
In recent months, Blockchain.com has significantly broadened its offering to monetize its user base. In September 2026, the company signed an agreement with the New York Stock Exchange (NYSE) to explore giving its users access to tokenized US-listed stocks and ETFs via the NYSE’s forthcoming digital trading platform, along with market data integration.
Earlier in the year, Blockchain.com extended its partnership with Ondo Finance to offer tokenized securities to eligible European users, following rollouts in Africa and South America. In September, it launched perpetual contracts indexed to the valuations of AI companies OpenAI and Anthropic, leveraging Hyperliquid’s infrastructure. In July, a partnership with Polymarket integrated prediction markets into its application.
- NYSE deal: tokenized US stocks and ETFs (September 2026)
- Ondo Finance partnership: tokenized securities across Europe, Africa, Latin America
- OpenAI/Anthropic perpetuals via Hyperliquid (September 2026)
- Polymarket prediction markets integration (July 2026)
- VASP license in the Cayman Islands and admission to Nigeria’s SEC regulatory sandbox (August 2026)
- Institutional payments expanded to Brazil using stablecoins
A favorable but volatile market backdrop
Market conditions are supporting renewed crypto IPO activity. After a weak start to 2026 that pushed several companies to delay their listings, bitcoin has rebounded by over 30% since mid-August, fueled in part by the announcement of a significant increase in long-term Treasury buybacks by the US Treasury. That rebound has revived investor appetite for crypto firms seeking public-market access.
The 2025 listing of stablecoin issuer Circle had already paved the way for several sector IPOs. Conditions remain uneven, however: shares of Gemini, BitGo, and eToro, which listed over the past twelve months, have dropped 50% to 80% from their post-IPO highs, according to Bloomberg data. That post-listing volatility is a clear warning sign for crypto issuers hunting a sustainable entry price.
Conclusion: a narrow, real window
If bitcoin’s rebound continues and macroeconomic conditions remain supportive, the window of opportunity for crypto company listings could widen. Blockchain.com’s service diversification, its three-year adjusted profitability, and its 95-million-wallet global user base could meaningfully strengthen investor appetite during a potential public offering.
Yet the gap between the targeted $4-6 billion valuation and the $14 billion mark set in 2022, combined with persistent crypto-market volatility and the post-IPO struggles of Gemini, BitGo, and eToro, leaves genuine uncertainty around the final outcome. This IPO will be closely watched as the first major listing by a crypto player since bitcoin’s latest rebound.
Sources
This article is for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
