Blockchain.com is targeting a valuation of $4 billion to $6 billion and seeking about $500 million through a potential U.S. initial public offering this year, according to people familiar with the plans cited by Bloomberg. The company is open to a smaller offering if necessary to complete a listing. Its target is well below the $14 billion private-market valuation it reached in 2022. The plans follow Blockchain.com's confidential May filing with the Securities and Exchange Commission for Class A ordinary shares, which did not specify the number of shares or expected price range. The company has expanded beyond wallets and brokerage services into tokenized equities, derivatives, prediction markets and institutional payments. Market conditions remain difficult for crypto issuers: Bloomberg said shares of Gemini, BitGo and eToro were roughly 50% to 80% below their post-IPO highs. Bitcoin has gained more than 30% since mid-August, when the U.S. Treasury announced plans to significantly increase buybacks of long-dated government debt, helping fuel a broader crypto-market rally.