Blockchain.com Group Holdings, one of the oldest players in the cryptocurrency services industry, has told investors it plans to complete an initial public offering (IPO) this year. The U.S.-based company is targeting a raise of approximately $500 million at a valuation of $4 billion to $6 billion.

The company has already confidentially filed IPO paperwork with the U.S. Securities and Exchange Commission (SEC) earlier this year and is reported to have achieved profitability on an adjusted basis for three consecutive years. Final terms remain fluid, and management is said to be considering the option of reducing the offering size if necessary.

The listing plan comes against the backdrop of a recovery in cryptocurrency markets. Bitcoin…