Blockchain.com, a prominent crypto services provider, has taken a significant step by confidentially submitting an S-1 draft registration to the US Securities and Exchange Commission (SEC) for a potential initial public offering of its Class A ordinary shares. While the company has not disclosed the number of shares or the pricing, the filing moves the company closer to a public listing, pending regulatory approval and favorable market conditions.
Founded in 2011, Blockchain.com reports a user base exceeding 43 million verified accounts and over 95 million wallets created. It has facilitated more than $1.1 trillion in crypto transactions to date. The platform offers a range of services that span consumer trading and wallets as well as institutional products. This move toward public markets follows Blockchain.com’s recent expansions, including deeper penetration into African markets and the rollout of perpetual futures trading through its self-custodial wallet, enabled by the Hyperliquid protocol.
Confidential S-1 filings enable companies like Blockchain.com to initiate the IPO process while obtaining SEC feedback before publicly revealing financial details. This approach has become popular among crypto firms navigating volatile market conditions. Over the past year, several digital asset companies have explored or adjusted their IPO plans due to shifting market dynamics. For example, Backpack Exchange revealed an intention to pursue a US IPO linked to staged unlocking of its token, while Copper considered a listing but is reportedly now seeking a sale instead.
Kraken, one of the largest private crypto exchanges, has seen its public listing timeline fluctuate. Its parent company, Payward, filed confidentially for an IPO but later postponed the listing amid market weakness, with leadership suggesting a possible delay until 2027 following workforce reductions. Meanwhile, BitGo successfully completed one of the largest crypto IPOs early in the year, raising $213 million, though its stock price has since declined significantly along with broader crypto market trends.