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Blockchain.com has filed confidentially with the US Securities and Exchange Commission for an initial public offering, becoming one of crypto's oldest companies to pursue a public listing. The company submitted a draft Form S-1 registration statement on 21 May, the company announced in a statement on Thursday. The number of shares to be offered and the price range have not yet been determined, and the listing is subject to market conditions and completion of the SEC's review.
Founded in 2011, Blockchain.com is among the longest-standing brands in the industry. The company operates a retail crypto exchange and wallet service alongside institutional trading and lending products, and claims more than 95 million wallets, 43 million verified users, and over $1.1 trillion in lifetime transaction volume. It employs around 500 people and says it has been profitable on an adjusted basis for three consecutive years.
The filing comes against the backdrop of a significant valuation step-down. Blockchain.com was valued at $14 billion during the 2022 bull market. Its most recent funding round – a Series E in late 2023 led by Kingsway Capital – valued it at $7 billion, reflecting the broader repricing that followed the FTX collapse. The gap between those two figures will be one of the more closely scrutinised elements of the eventual S-1 when it becomes public.
A confidential filing allows the company to work through the SEC review process before publicly disclosing detailed financial information, a route regularly used by companies that want flexibility on timing. Blockchain.com is targeting a public listing in 2026, placing it in the same potential IPO cohort as Kraken, which has also signalled an intent to go public.
The timing reflects the wider revival in crypto equity sentiment. Coinbase stock has rebounded sharply from its 2022 lows, and the passage of clearer crypto legislation in the US under the current administration has opened a window for listings that would have faced a hostile reception two years ago. Whether Blockchain.com's adjusted profitability holds up under public-market scrutiny – and how investors weigh the gap between its 2022 and 2023 valuations – will be central to how the eventual offering is received.
