Blockchain.com has filed a confidential draft registration statement with the SEC for an initial public offering. The Dallas-based crypto firm, which runs one of the oldest wallet and exchange platforms, wants to list shares on a public exchange this year. No details on the number of shares or price range were disclosed.
Why now?
The timing is notable. Other crypto companies have backed away from public listings recently. Kraken's parent Payward postponed its IPO in March and is cutting 150 jobs. Hardware wallet maker Ledger paused its own IPO plans. Blockchain.com is moving ahead even as crypto markets have been under pressure since October's record crash, pushing investors into risk-off mode.
A history of ups and downs
Blockchain.com first weighed a public listing as early as 2022, when its valuation hit $14 billion in the spring of that year. Then the market turned. A 2023 Series E round left the company valued at less than half that — below $7 billion. The firm employs about 500 staff and says it has been profitable on an adjusted basis for three years. It supports more than 95 million wallets and 43 million confirmed accounts.
The market backdrop
That profitability claim is a different story from many crypto firms that burned cash during the bull run. But the broader environment isn't friendly. The October crash spooked institutional investors, and the rally that carried Bullish and Gemini Space Station — the Winklevoss brothers' venture — to public listings in 2025 has faded. Blockchain.com is trying to catch a window that may not stay open long.
For now, the filing is confidential. The SEC will review the S-1 before any public roadshow or pricing. Blockchain.com hasn't said which exchange it plans to list on or when exactly it expects to go public. The next concrete step will be the release of a public version of the filing, which will show the company's financials in detail — and give investors a chance to decide if this crypto IPO is worth the risk.
