Blockchain.com confidentially files for US IPO as crypto firms push for public listings

Blockchain.com Group Holdings Inc. has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering, the Dallas-based company said Thursday.

Neither the number of Class A ordinary shares nor the price range has been determined yet, and the offering remains subject to market conditions and SEC review, according to a company press release.

The filing extends a sustained wave of crypto-native companies pursuing public listings. Circle (CRCL), eToro (ETOR), Bullish (BLSH), and Gemini (GEMI) all went public in 2025, collectively raising an estimated $14.6 billion across at least 11 offerings. BitGo listed on the New York Stock Exchange in January 2026, becoming the first major crypto firm to go public this year. Kraken confidentially filed for a US IPO in November 2025 targeting a first-quarter 2026 debut but put those plans on hold in March as market conditions deteriorated. Grayscale remains among the companies still in the pipeline.

Equity capital markets have meanwhile reopened for technology companies. Open AI confidentially filed for its own IPO this week, and SpaceX has submitted a public S-1, signaling a broader thaw after a two-year drought.

One of the oldest names in crypto

Founded in 2011 as a bitcoin blockchain explorer under the name Blockchain.info, Blockchain.com later expanded into cryptocurrency wallets, exchange services, and institutional markets. Its platform has processed over $1.1 trillion in cumulative crypto transactions across more than 95 million wallets. As of November 2025, the company counted 43 million verified users and approximately 39 million verified user wallets associated with its brokerage, according to the company.

Chief executive Peter Smith, one of the three founders alongside Benjamin Reeves and Nicolas Cary, leads the company alongside co-CEO Lane Kasselman. The board includes former US Comptroller of the Currency Joseph Otting, political strategist Jim Messina, and former Deloitte chief executive Timothy Flynn.

Across multiple rounds, Blockchain.com has raised approximately $600 million in venture capital. Its most recent known private valuation was $5.2 billion in March 2021, when it raised $300 million in a round that included Baillie Gifford, DST Global, and Lightspeed Venture Partners. An additional $110 million in Series E funding followed in November 2023, led by Kingsway Capital with participation from Baillie Gifford, Lakestar, and Coinbase Ventures.

The company weathered the 2022 crypto downturn, taking an approximately $270 million hit from the collapse of Three Arrows Capital and cutting 25 per cent of its workforce. Since then it has refocused on international expansion, particularly in Nigeria, Ghana, and Latin America. By May 2023, the company had over 31 million clients, with growth concentrated in emerging markets.

Revenue mix and regulatory backdrop

Approximately 60 per cent of Blockchain.com’s revenue comes from its brokerage and institutional market services, which include providing liquidity for new token launches. The remaining 40 per cent flows from retail users, according to the company.

The IPO filing arrives amid a regulatory pivot under the Trump administration that has been favorable to digital-asset businesses. The SEC has issued a framework for tokenized securities, the Federal Reserve has expanded master-account access for crypto firms, and the CFTC has advanced a market-structure bill. In 2025 Blockchain.com donated $5 million to MAGA Inc., a super PAC supporting Trump.

Lead underwriters and the expected listing exchange have not been disclosed. The SEC’s review of the confidential filing will determine the timeline for a public prospectus and roadshow. Circle raised $1.1 billion in its IPO last year and saw its shares nearly double on debut, setting a high bar for the next wave of crypto listings.