Blockchain.com, a major cryptocurrency exchange and wallet provider, has engaged in discussions to go public in the U.S. via a special purpose acquisition company deal. The company appointed Cohen & Company Capital Markets as an advisor for the potential transaction. Details on ongoing talks and valuation remain unclear.
According to two people with knowledge of the matter, Blockchain.com has recently held talks about pursuing a public listing through a SPAC in the U.S. One of the sources, speaking on condition of anonymity due to the private nature of the discussions, indicated that the company appointed Cohen & Company Capital Markets to advise on the potential deal. It is unclear whether these talks are still active.
Blockchain.com declined to comment on the matter, while Cohen & Company Capital Markets did not respond to requests for comment by publication time. The firm's valuation has fluctuated with market conditions: in March 2021, it raised $300 million at a post-money valuation of $5.2 billion; by 2022, another round pushed it to $14 billion; and in November 2023, a $110 million raise valued it at $7 billion, according to Bloomberg.
This potential move aligns with a wave of crypto firms going public. Stablecoin issuer Circle completed an IPO in June, CoinDesk's owner Bullish listed in August, and exchange Gemini followed in September. Rival Kraken is reportedly planning a listing early next year.
In February, Blockchain.com bolstered its leadership for a possible public transition by hiring Justin Evans, formerly of Goldman Sachs, as chief financial officer, and Mike Wilcox, ex-CFO of Velocity Global and Point72 portfolio manager, as chief operating officer. Evans stated at the time: “taking the steps necessary to be a public company, if and when the public markets are available.” Earlier this year, the company expanded operations into African markets including Ghana, Kenya, and South Africa.