Blockchain.com, a major cryptocurrency exchange and wallet provider, has held preliminary talks about going public in the U.S. via a special purpose acquisition company (SPAC) listing. Sources say the firm has brought on Cohen & Company Capital Markets to advise on the potential transaction.
The discussions are described as early stage and not formalised – it remains unclear whether negotiations are ongoing or an agreement has been reached.
Motives and Context for Listing
Blockchain.com has ramped up public-market readiness, including hiring top financial executives. In February it appointed a former Goldman Sachs banker as CFO and a former Point72 portfolio manager as COO, signaling its ambition to trade publicly.
Historically, the firm’s valuation has seen wide swings – from about $5.2 billion in March 2021 to roughly $14 billion in 2022, then down to approximately $7 billion by November 2023.
A SPAC route would provide Blockchain.com faster access to public markets compared to a traditional IPO and may help it secure more capital to offset market volatility.
Implications, Risks & Outlook
If the SPAC listing moves forward, Blockchain.com could become one of the leading publicly-listed crypto infrastructure firms, joining peers that went public this year via IPOs or SPACs.
For investors, this may open a new gateway to exposure in crypto trading infrastructure – but risks include regulatory scrutiny, valuation compression and execution against an uncertain macro backdrop.
From the company’s perspective, timing will be key. SPAC interest remains alive but market conditions are mixed. A deal now may capture investor appetite; waiting may offer better valuation but risks slower momentum.
As previously covered, the wave of crypto companies exploring public listings signals maturity in the sector – the question now is whether this path delivers both scale and credibility.
