The digital asset firm is aiming for a valuation reaching up to $6 billion, which is substantially lower than its peak in 2022, while newly public crypto equities fight to maintain their value.
Blockchain.com, functioning as a cryptocurrency exchange and digital wallet provider, is reportedly planning to secure roughly $500 million through an initial public offering slated for this year. This comes over four years after the enterprise attained a $14 billion valuation during the apex of the preceding digital asset bull market.
Drawing on information from individuals acquainted with the situation, Bloomberg reported on Monday that Blockchain.com is aiming for a public market valuation between $4 billion and $6 billion. The business might also consider a more modest share offering if necessary to successfully finalize its debut on the stock exchange.
As previously covered by Cointelegraph, Blockchain.com submitted confidential draft registration paperwork to the United States Securities and Exchange Commission back in May, laying the groundwork for a prospective public offering. At that point, the organization omitted details regarding the quantity of shares it intended to issue or any targeted pricing brackets.
These public offering preparations unfold as financial markets begin welcoming crypto enterprises back following a market rebound that kicked off in the prior month. Bitcoin (BTC) has surged past 30% since the middle of August, after the US Treasury revealed plans to substantially boost repurchases of extended maturity government debt, a decision that contributed to sparking a major upward surge across the cryptocurrency ecosystem.
Even so, the financial market landscape continues to pose difficulties for digital asset businesses. Equities of recently floated crypto companies like Gemini, BitGo, and eToro continue to trade roughly 50% to 80% below their initial post-listing peaks, as indicated by Bloomberg data.
Related: Crypto Biz: AI took a back seat when Bitcoin started climbing
Originally published at https://cointelegraph.com/news/blockchain-com-500m-ipo-bloomberg-reports?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
