Blockchain.com targets $500M raise at $4-6B valuation in IPO

Blockchain.com, one of the oldest companies in crypto, is pushing toward a US initial public offering. The move comes after the firm confidentially filed a draft Form S-1 with the SEC on May 21, 2026, setting the stage for what could be one of the more closely watched crypto listings of the year. Blockchain.com hit a $14 billion valuation in 2022, then saw that figure cut in half to $7 billion during its Series E round in November 2023. Secondary market trades have implied values closer to $4 billion. From $14B to maybe $4B: the valuation reality check The $7 billion figure from the Series E round, led by Kingsway Capital with $110 million in fresh capital, already represented a painful markdown from the 2022 highs. Blockchain.com was founded in 2011 by Peter Smith, Ben Reeves, and Nic Cary, making it older than most of the crypto industry’s current heavyweights. It’s now headquartered in Dallas with operations spanning the UK and US, employing around 500 people. The firm has reported adjusted profitability for three consecutive years. Its scale metrics are substantial: nearly 95 million wallets created, more than 43 million verified accounts across over 100 countries, and lifetime...