Blockchain.com Considers Going Public Via SPAC Listing

Blockchain.com is reportedly considering going public via a SPAC listing.

The cryptocurrency exchange and wallet provider has appointed an advisor and has held talks about making this move, CoinDesk reported Monday (Oct. 20), citing unnamed sources.

Blockchain.com did not immediately reply to PYMNTS’ request for comment.

According to the report, when the company hired Goldman Sachs veteran Justin Evans as its chief financial officer in February, Evans said Blockchain.com was “taking the necessary steps to be a public company, if and when the public markets are available.”

The report said Blockchain.com’s hiring of Evans as CFO and former Velocity Global CFO Mike Wilcox as chief operating officer signaled that the company could be preparing to go public.

Blockchain.com’s valuation changed over the years amid market volatility, according the the report. The company was valued at $5.2 billion in March 2021, $14 billion in 2022 and $7 billion in November 2023, per the report.

When the company’s valuation was cut in half in 2023, it was reported that the downturn in the crypto market at that time had left Blockchain.com and others like it on shaky ground.

More recently, some other cryptocurrency exchanges have gone public.

Global crypto platform Gemini announced the closing of its initial public offering on Sept. 15. CNBC reported at the time that the company priced its IPO at $28, which valued it at $3.3 billion, and that the stock closed its first day of trading 14.3% higher at $32.

When cryptocurrency exchange Bullish made its market debut on Aug. 13, it priced its shares at $37 and saw the shares end the day of their IPO 83% higher than the company’s target price at $68. It was reported at the time that the surge gave the company a fully diluted market value of almost $10 billion.

It was reported in March that cryptocurrency platform Kraken was preparing to go public as soon as the first quarter of 2026, although those plans could change. In September it was reported that Kraken raised $500 million in a funding round that valued it at $15 billion and that the round was part of the company’s final preparations for an IPO.