$50 billion IPO, $6 billion valuation—why is it Blockchain.com? Earlier this year, this London-based company secretly filed a listing application with the SEC, targeting to raise $500 million. After more than a decade of being a long-established wallet plus exchange, it has finally waited for the primary market exit channel to reopen. I looked at the data from the same period: Bitcoin has returned above $84,000; spot ETFs saw a net inflow of $64.8 million in a single day; Aave rose 16.3% in one day; AAVE is currently at $171.81; and trading volume is $50 million. Put these figures together and they point to one thing: institutional capital is moving back in, retail sentiment is repairing, and the IPO window is opening along with it. But a $6 billion valuation with a $500 million fundraising target—I've stared at that ratio for ages and still can’t figure out where the value is. $BTC $AAVE