Blockchain.com is targeting a $500 million initial public offering at a valuation of up to $6 billion, according to people familiar with the matter, with the London-based cryptocurrency services company aiming to list before the end of 2026.

Bloomberg reported the proposed range and timeline on Monday. The firm confidentially filed paperwork with the U.S. Securities and Exchange Commission earlier in 2026, a mechanism that allows issuers to begin the agency's review process before disclosing financial details publicly.

How large is the deal?

The company is targeting a raise of roughly $500 million on a valuation between $4 billion and $6 billion, the people familiar said. Blockchain.com is in active discussions with prospective investors about participation in the offering. The confidential filing keeps size and pricing subject to revision as the SEC review proceeds and market conditions evolve.

The proposed deal would rank among the larger digital-asset listings of 2026, a year that has otherwise seen few crypto companies proceed to public markets.

What does Blockchain.com actually operate?

The London-headquartered firm runs an exchange, a wallet product, a trading desk, and a lending book. Together those businesses cover the core revenue lines a public-market investor would expect from a diversified crypto financial services company. Financial terms, unit economics, and segment performance remain undisclosed ahead of any public filing. Blockchain.com did not respond to a request for comment.

A confidential submission shields those numbers until the issuer proceeds with a formal S-1 registration statement. Public-market scrutiny will likely concentrate on loan-book composition and counterparty exposure inside the lending business.

What is the IPO backdrop?

The listing attempt follows a quiet year for crypto initial public offerings in 2026. Several firms shelved plans earlier in the year amid depressed asset prices, the people familiar said. Crypto markets have recovered over the last couple of months, improving conditions for new issuance across primary and secondary markets.

The prior year provided a comparable benchmark. 2025 produced several prominent listings, including stablecoin issuer Circle, which offered a template for digital-asset companies pursuing U.S. public markets. Circle's debut is the closest comparable listing for digital-asset IPO candidates weighing U.S. public markets today.

What comes next procedurally?

A public listing would compel the company to file audited financials covering each of its operating businesses. SEC examiners typically review market-integrity controls, custody segregation, and consumer-disclosure adequacy for crypto-asset registrants. Staff may also weigh in on how the company accounts for tokens held on its own balance sheet.

The confidential submission keeps the formal S-1 registration shielded from public view. The company retains optionality on when to convert the confidential file into a registration statement and launch a roadshow. The year-end target implies completion before December 31, with a public S-1 likely required weeks earlier to accommodate SEC staff comments and an investor marketing window.