Blockchain.com has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission for an initial public offering, the company said this week. If approved, it would become the fifth crypto exchange to list on a U.S. exchange, following Robinhood, Coinbase, Bullish, and Gemini. The regulatory review process typically takes at least two to three months before the company can begin trading.
Confidential filing with the SEC
The move comes as crypto firms increasingly test the public markets, though not all are rushing. Blockchain.com, founded in 2011, operates a wallet, an exchange, and an institutional lending desk. The number of shares and the price range have not been disclosed. The confidential filing allows the company to keep financials under wraps while it negotiates with regulators.
A growing list of public crypto exchanges
Blockchain.com would join four other crypto-native companies that already trade in the U.S.: Robinhood, Coinbase, Bullish, and Gemini. But not every firm is following the same path. Crypto infrastructure providers Consensys and Ledger have shelved their IPO plans, citing unfavorable market conditions. The contrast highlights a divide: exchanges with direct retail access are pressing ahead, while software and hardware firms are waiting for better windows.
Ripple takes a different path
At the XRP conference this week, Ripple CEO Brad Garlinghouse said the company has no plans to go public immediately. Instead, Ripple is focused on institutional adoption. The company was valued at roughly $50 billion in its latest share buyback in May — a figure that would make it one of the largest crypto companies by valuation if it ever listed. Garlinghouse's comments put to rest speculation that Ripple might follow Blockchain.com's lead, at least for now.
Prediction markets track the odds
Polymarket has launched a suite of prediction markets for Ripple, letting users bet on valuation milestones, IPO timing, and secondary-market activity. The contracts suggest traders see a possible Ripple IPO within the next year, but no date is locked in. The markets also track whether Ripple's valuation will cross $60 billion before the end of 2026.
The SEC will now begin its confidential review of Blockchain.com's filing. A public version of the prospectus should surface in the coming months, giving the first real look at the company's finances since its last fundraising round.
