Blockchain.com has filed confidentially with the U.S. Securities and Exchange Commission for an initial public offering. The crypto company submitted a draft Form S-1 registration statement on May 21 and it has not set a share count or price range.
The company said the listing depends on market conditions and the SEC review process. A confidential filing lets the company move through regulatory review before it releases full financial details.
Blockchain.com was founded in 2011 and ranks among the oldest names in crypto. It runs a retail exchange and wallet service, while also offering institutional trading and lending products.
The company says it has more than 95 million wallets and 43 million verified users. It also says it has handled over $1.1 trillion in lifetime transaction volume and employs about 500 people.
Blockchain.com said it has been profitable on an adjusted basis for three straight years. That record will likely face closer scrutiny once the company publishes its full S-1.
The firm was valued at $14 billion during the 2022 bull market. Its most recent Series E round in late 2023 which was led by Kingsway Capital and valued it at $7 billion.
The valuation reset reflects the broader market repricing that followed the FTX collapse. It also shows how sharply crypto company values changed after the market cooled.
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The filing comes as crypto equity sentiment improves. Coinbase shares have rebounded from their 2022 lows, while clearer U.S. crypto rules under the current administration have opened a window for listings.
Blockchain.com is targeting a public listing in 2026, according to the company’s plans. That would place it in the same potential IPO group as Kraken, which has also signaled plans to go public.
A Bloomberg report, citing a source familiar with the matter, said Blockchain.com expects to list this year. The source also said the company has 500 employees and has been profitable on an adjusted basis for three years.
The move follows a wave of crypto companies pursuing public listings. Bullish and Gemini went public last year, while Kraken filed confidentially before later pausing its listing plans as crypto prices fell.
Blockchain.com has filed confidentially for a U.S. IPO as it prepares for a possible 2026 listing. The company brings strong user numbers, broad crypto services and adjusted profitability, but its lower latest valuation may shape investor reaction once the full filing becomes public.