Blockchain.com Eyes $500M IPO at Up to $6B Valuation

The listing would test public-market appetite for a crypto-native platform at a valuation far below its prior peak, a markdown that says more about how the sector's private excesses are being repriced than about the company itself. The timing is notable: crypto capital markets are described as thawing, yet recently listed peers are struggling to hold gains, so this deal lands into a thin and unproven window. For the broader RWA and tokenization cohort, the read-through is whether public investors will underwrite crypto infrastructure at all, or only at a discount. Whether the raise prices near the top of that range is the open question.