UK-American wallet and brokerage provider Blockchain.com filed a confidential draft Form S-1 with the US Securities and Exchange Commission. Specifically, the filing was made under the corporate name Blockchain.com Group Holdings Inc. As a result, the formal path to the US capital markets has begun.
According to its own figures, the company manages roughly 39 million verified user wallets. Moreover, its last verified valuation stood at 7 billion USD in November 2023. Share count and price range remain undetermined. Furthermore, the procedure allows the SEC to review financials and compliance structures without public disclosure. Specifically, the filing remains inaccessible until the public phase begins. At the same time, the step signals notable risk appetite. Just two months earlier, direct industry peer Kraken paused its own IPO due to difficult market conditions.
Confidential SEC filing: what Blockchain.com discloses
The Blockchain.com IPO filing follows the SEC's confidential filing procedure. Under this process, the company submits a draft Form S-1 on a non-public basis. Therefore, the SEC reviews financials, compliance architecture, and risk disclosures. Meanwhile, shareholders and competitors gain no visibility into the documents at this stage.
For now, only the filing itself is public knowledge. Notably, the corporate name reads Blockchain.com Group Holdings Inc. Share count and price range will only emerge with the public S-1. Consequently, the targeted valuation remains undisclosed. Moreover, the IPO is subject to final SEC approval and favorable market conditions. Such a caveat has repeatedly become a stumbling block in recent months.
In practical terms, investors will see neither revenue figures nor profitability before the company unseals its application. Subsequently, a multi-week roadshow typically follows. Only then do underwriters set price and volume. Until that point, the substance of the filing can only be assessed through the track record and the most recent funding data.
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From 14 billion to 7 billion USD: the valuation history before the IPO
Blockchain.com initially raised 120 million USD in February 2021 at a 3 billion USD valuation. Just one month later, a 300 million USD round followed at a valuation of 5.2 billion USD. Furthermore, at the peak of the 2022 crypto cycle, the valuation temporarily climbed to 14 billion USD. Then came the collapse. Following the insolvency of Three Arrows Capital in summer 2022, Blockchain.com lost roughly 270 million USD in outstanding crypto and USD loans. In July 2022, the company laid off around 150 employees, equivalent to a quarter of its workforce. Subsequently, a further reduction by the end of 2023 left headcount at approximately 300.
Recovery followed in November 2023 with a Series E of 110 million USD at a 7 billion USD valuation. Kingsway Capital led the round. In addition, Baillie Gifford, Lakestar, Lightspeed Venture Partners, and Coinbase Ventures participated. As a result, the company's valuation had halved compared to the 2022 peak.
IPO preparations subsequently stretched over several months. In October 2025, Blockchain.com held talks about a US listing via SPAC. In November 2025, the IPO plans for 2026 became public. At the same time, Lane Kasselman was appointed Co-CEO. In March 2026, according to crypto.news, a pre-IPO offering followed via Crowdcube. However, a current target valuation has not yet been communicated.
Wallet provider, brokerage, explorer: the business model behind the filing
Blockchain.com was founded in August 2011 in York by Peter Smith, Benjamin Reeves, and Nicolas Cary. Smith has led the company as CEO since 2014. In addition, Lane Kasselman has served alongside him as Co-CEO since November 2025. Meanwhile, the legal headquarters sits in London, with the US presence based in Dallas.
Unlike Coinbase or Kraken, Blockchain.com does not operate a classic order-book exchange. Instead, the company combines three pillars. These pillars include a brokerage business, wallet services for retail and institutional clients, and the Block Explorer as data infrastructure. Roughly 60 percent of revenue comes from brokerage and market services. Meanwhile, approximately 40 percent stems from retail.
The reach is considerable. As of November 2025, the company counted around 39 million verified user wallets. Furthermore, between 2012 and 2020, Blockchain.com processed approximately 28 percent of all Bitcoin transactions through its infrastructure. For a publicly listed company, this represents an unusual mix of infrastructure asset and retail brokerage. Therefore, the SEC is now reviewing its margin structure for the first time.
Blockchain.com enters an ambivalent crypto IPO wave
The regulatory environment has recently improved for crypto issuers. Following the departure of SEC Chairman Gary Gensler, the agency adopted a more crypto-friendly course under new leadership. As a result, lawsuits against Kraken and Consensys were dropped. In 2025, the sector recorded at least eleven crypto IPOs with a combined volume of 14.6 billion USD. By comparison, the prior year saw only 310 million USD.
However, the aftermarket performance of these listings has been mixed. For example, Bullish gained 89 percent on its first trading day in August 2025. Circle raised over 1 billion USD in June 2025. Since then, its stock trades roughly eleven percent below the issue price. Gemini debuted in September 2025 with a 14 percent gain. Nevertheless, the stock now sits around 80 percent below the IPO price. BitGo priced at 18 USD on the NYSE on 22 January 2026, raising 212.8 million USD at a valuation above 2 billion USD. Since then, its stock has lost approximately 44 percent.
In addition, the parallel market signal from Kraken stands out. The exchange filed its confidential S-1 in November 2025 at a 20 billion USD valuation, with 2024 revenue of 1.5 billion USD. Nevertheless, Kraken paused the IPO in March 2026 due to difficult market conditions. Meanwhile, Consensys continues to work with JPMorgan and Goldman Sachs on an IPO targeted for mid-2026. Therefore, Blockchain.com is going public in a window that is regulatorily open but fragile on the market side. Ultimately, whether the filing translates into an actual listing depends on the public S-1, the final financial metrics, and market conditions in the second half of the year.
