Blockchain.com Group Holdings Inc. confidentially submitted a draft registration statement on Form S-1 with the SEC this week, signaling the crypto wallet and exchange operator's intention to go public before the end of 2026. The company, founded in 2011 by three members of the BitcoinTalk.org forum, said the offering is subject to market conditions and SEC review. It's the latest in a string of crypto firms seeking public listings after a busy 2025 and a mixed start to 2026.
A long road to public markets
Blockchain.com first considered an IPO as early as 2022, when it carried a $14 billion valuation. That plan never materialized. By 2023, the company raised $110 million in a Series E round at a valuation less than half that peak — a stark reset. But the business has since steadied. The company has been profitable on an adjusted basis for three consecutive years. It now supports more than 95 million wallets and counts more than 43 million confirmed accounts. Based in Dallas with roughly 500 employees, it runs one of the oldest crypto platforms still around.
The IPO landscape in 2026
Blockchain.com isn't alone in testing public markets. In 2025, Circle, eToro, Bullish, and Gemini went public, together raising an estimated $14.6 billion across at least 11 offerings. This January, BitGo listed on the New York Stock Exchange — the first major crypto firm to go public in 2026. But not everyone has pushed through. Kraken parent Payward Inc. filed confidentially for a U.S. IPO in November 2025 but shelved those plans in March 2026, citing market conditions. Grayscale is among the firms still in the pipeline for a public listing. The timing for Blockchain.com's filing comes as the broader market shows cautious appetite for new crypto listings.
The number of shares to be offered and the price range for the proposed IPO have not yet been determined. That will come after the SEC completes its review. If all goes smoothly, Blockchain.com expects to list before the end of the year. The company declined to comment beyond the filing. For now, the confidential process allows it to test the waters without the glare of a public roadshow — a luxury it didn't have back in 2022.
