Blockchain.com wants to raise $500 million in an initial public offering and is seeking a valuation of up to $6 billion, according to people familiar with the plans. The London-based crypto services company quietly filed its paperwork with the U.S. Securities and Exchange Commission earlier this year — confidentially, meaning the numbers stay out of public view until the company is ready to talk about them.
That the filing landed months ago and is only now surfacing tells you something about how the company is approaching this. Crypto IPOs don't get soft launches. They get scrutinized, and Blockchain.com has spent the intervening months keeping its head down.
The $6 billion question
Valuation is where this gets interesting. A $6 billion target would be a real test of what public-market investors think a crypto services business is worth in 2026 — not what private rounds said it was worth in a bull market. Blockchain.com hasn't publicly discussed the number, and the people familiar with the plans wouldn't say how the range was set or whether it's been revised since the confidential filing.
The $500 million raise size is similarly unconfirmed by the company. Both figures come from people who asked not to be named because the process is private.
A quiet path to the public markets
Confidential filings let companies submit draft registration statements to the SEC and get feedback before anything becomes public. The mechanism has become standard for tech and crypto firms that want to test the waters without tipping competitors or spooking customers. Blockchain.com used it. That's not unusual — it's the playbook.
What is unusual is the timing relative to the broader crypto market cycle. The company filed earlier this year, which means the decision was made during a period when crypto equities were getting a warmer reception than they had in prior years. Whether that reception holds through the actual listing is a different matter.
London, but listing in New York
Blockchain.com is headquartered in London, yet it's filing with the U.S. regulator. That's a deliberate choice, and it's the same one a number of non-U.S. crypto companies have made — the deepest pool of public-market capital sits in New York, and the SEC is the regulator that matters most. Listing in the U.S. also means U.S. disclosure standards, U.S. class-action lawyers, and U.S. quarterly earnings calls. The trade-off is real.
What's still unknown
Blockchain.com hasn't said which exchange it will list on, when the roadshow starts, or whether the $6 billion figure is a ceiling, a target, or an opening ask. The company also hasn't disclosed its revenue, profitability, or user numbers — all of which will come out when the registration statement goes public. Until then, the only hard facts are these: a confidential SEC filing, a $500 million target, and a $6 billion valuation ceiling.
The next concrete step is the public filing, which typically lands weeks before a roadshow. No date has been set.
