Blockchain.com Seeks Public Listing Amid Cautious Market Conditions

Blockchain.com, one of the oldest active crypto services companies, has taken a significant step towards going public. The firm has filed a confidential draft registration statement (S-1) with the US Securities and Exchange Commission (SEC), aiming to list publicly this year.

The Dallas-based company employs 500 staff and has been profitable on an adjusted basis for three years, supporting over 95 million wallets and 43 million confirmed accounts. This is a significant move in the crypto industry, which has seen a thinning queue of IPOs since 2026.

Blockchain.com's valuation has fluctuated over the years, reaching $14 billion in 2022 but decreasing to less than half after a Series E round in 2023. The firm follows other crypto companies that have listed publicly, such as Bullish and Gemini Space Station, which went public during a crypto rally in 2025.

However, the current market conditions are more cautious than before, with investor risk-off positioning stalling new listings across the sector. Kraken's parent company, Payward, postponed its IPO in March and is cutting 150 jobs to slim down, while Ledger has also paused its plans.