Blockchain.com Secretly Files for IPO

Cryptocurrency broker Blockchain.com said on Thursday that it has filed a confidential application for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), formally starting the process to go public.

Established in 2011 and headquartered in London, UK, Blockchain.com primarily operates as a cryptocurrency broker, sourcing cryptocurrencies from other exchanges or its own inventory to execute trades on behalf of clients.

In terms of valuation, the company completed a financing round led by Lightspeed Venture Partners in 2022, with a valuation as high as $14 billion at that time. However, according to the latest data from private market platform Forge, as of last April, its valuation had dropped to approximately $6.9 billion, more than halved.

The IPO filing of Blockchain.com follows the recent movements of several crypto companies. Crypto exchange Kraken and asset management firm Grayscale have also secretly filed for IPO in the past few months. However, the ongoing crypto market correction may dampen investors' enthusiasm for crypto concept IPOs. Several crypto companies that went public last year—including exchange Gemini and Bullish—have seen their stock prices fall below the issuance price, casting a shadow over this round of crypto IPOs.

Blockchain.com had previously announced its plan to go public in 2026 and added the position of co-CEO, preparing early for capital market operations. Currently, the company has not disclosed its target valuation for the IPO, the size of the offering, nor a specific timetable.