Blockchain.com has told prospective investors it plans a public listing before year-end, seeking about $500 million in an initial public offering, Bloomberg reported on Monday, citing people familiar with the matter.

The company is aiming for a valuation of $4 billion to $6 billion and would weigh a smaller raise if needed, Bloomberg quoted one source as saying. Talks are still underway and the terms could shift, according to the report.

Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter.

From Confidential Filing to Pitch

Blockchain.com announced on May 21 that it had confidentially submitted a draft S-1 registration statement to the SEC. At the time, it said the number of shares and the price range had not been set, and that the offering depended on market conditions and the SEC’s review.

Blockchain.com has posted three straight years of adjusted profitability, Bloomberg quoted sources as saying. It had considered going public as early as 2022, according to earlier Bloomberg reporting.

The reported IPO target would sit well below the company’s peak. Blockchain.com raised $110 million in a Series E round led by Kingsway Capital in 2023, which Bloomberg reported valued it at less than half the $14 billion it was worth in the spring of 2022.

Founded in 2011, Blockchain.com began as a bitcoin block explorer and wallet provider before adding exchange and institutional services.

Tokenized Stocks and a Crowded Pipeline

Last week, the company signed a memorandum of understanding with NYSE Group to give its users access to tokenized U.S. stocks and ETFs on the NYSE’s planned digital trading venue, subject to any required regulatory approvals.

“Tokenized stocks are one of the most impactful advancements in the modern financial landscape, and a key catalyst for greater economic freedom,” Peter Smith, Blockchain.com’s co-founder and CEO, said in the Sept. 23 announcement.

Other crypto firms are also lining up for public markets. Kraken parent Payward is preparing a listing, though Bloomberg reported in May that its debut may slip to 2027. Gemini and Bullish went public last year.

Related Listen: Why the Crypto Market Cap Could Reach $50 Trillion This Cycle