Blockchain.com files with SEC for U.S. IPO

Blockchain.com, a cryptocurrency financial services firm, announced on Thursday that it has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO). The company did not disclose the number of shares to be offered or the proposed price range, noting that those details remain subject to market conditions and completion of the SEC's review process.

The confidential filing, permitted under the JOBS Act, allows Blockchain.com to begin the SEC review without immediately revealing financial information to the public. The company said the IPO timeline depends on market conditions and regulatory approval.

Blockchain.com offers a range of digital asset products, including a crypto exchange, wallet services, institutional trading, and lending. The company had previously explored going public through a merger with a special purpose acquisition company (SPAC) last year, according to media reports.

The filing comes at a time when the broader crypto IPO market has lost momentum. Earlier enthusiasm, fueled by successful public debuts from firms like Circle (CRCL) and Bullish (BLSH) in 2025, has faded as market conditions deteriorated. Weak trading volumes and disappointing post-listing performances from newly public companies such as BitGo (BTGO) have made investors more cautious.

Several major crypto firms have delayed or paused their IPO plans, including Kraken parent Payward, Ethereum app builder Consensys, and hardware wallet maker Ledger. They are waiting for more favorable market conditions before proceeding.

Blockchain.com’s move signals that it is still pursuing a public listing despite the challenging environment, though the final outcome will depend on how the SEC review unfolds and whether market sentiment improves.