Blockchain​.com just confidentially filed to go public this year

@blockchain has taken a formal step toward a public listing, confidentially filing a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering. The company said it submitted a draft S-1 related to a proposed offering of Class A ordinary shares, with pricing and the number of shares yet to be determined. According to Bloomberg, Blockchain.com is targeting a public listing this year.

Scale and Valuation History

Founded in 2011 by three members of the original Bitcoin online forum BitcoinTalk.org, Blockchain.com is among the earliest institutions built around digital assets. The company reports more than 95 million wallets, over 43 million verified users, and has processed more than $1.1 trillion in crypto transactions. The company employs around 500 people and has been profitable on an adjusted basis for three years.

Blockchain.com was valued at $14 billion in March 2022 at the peak of the crypto bull market, with backing from major venture firms including Lightspeed and Baillie Gifford. In 2023, it raised $110 million in a Series E round led by UK-based Kingsway Capital at a valuation that had fallen to less than half its 2022 peak, a sharp reset that reflected the broad crypto market downturn that followed that year's industry collapses.

A Choppy IPO Landscape

The filing lands during an uneven period for crypto public listings. BitGo completed one of the largest crypto IPOs of 2026 in January, pricing shares at $18 and raising about $213 million in its NYSE debut. Its post-listing performance has been difficult: BitGo's share price later dropped below its IPO value and fell by around 36%.

Kraken parent Payward Inc. filed confidentially for a U.S. IPO in November 2025 targeting a first-quarter debut, but shelved those plans in March as market conditions deteriorated. Kraken co-CEO Arjun Sethi later said in April that the company was still pursuing a public listing, though reports in May suggested the debut could be delayed until 2027 following a round of layoffs.

The confidential filing process, permitted under U.S. securities law, allows companies to prepare for public offerings away from market scrutiny while the SEC conducts its review. The IPO remains subject to market conditions and completion of that process.

Sources:
Bitcoin Magazine: Blockchain.com Confidentially Files For U.S. IPO
Crypto Briefing: Blockchain.com files confidential IPO paperwork with SEC
CoinDesk: Kraken freezes IPO plan due to difficult market conditions