Crypto Platform Blockchain.com in Talks to Go Public via SPAC Deal

Blockchain.com, a long time and prominent player in the cryptocurrency space, has engaged in early discussions about pursuing a public listing through a special purpose acquisition company merger. According to reports, the firm has explored this route as a pathway to debut on the US stock market. Sources indicate that these conversations remain in preliminary stages, with no firm commitments announced yet.

The company enlisted Cohen & Company Capital Markets to provide guidance on the potential transaction. This move reflects a strategic consideration amid a favorable environment for crypto entities seeking public status. While details on the timeline or valuation remain undisclosed, the interest shows Blockchain.com's ambition to broaden its reach to institutional investors.

Tracing Blockchain.com's Evolution in Crypto Services

Founded in 2011, Blockchain.com started as a simple Bitcoin blockchain explorer, quickly evolving into a comprehensive platform offering crypto wallets, exchanges, and institutional custody services. Over the years, it has built a user base exceeding 80 million registered accounts worldwide, positioning itself as a key infrastructure provider in the digital asset ecosystem. The firm's growth has been fueled by strategic expansions, including the launch of its exchange in 2018 and enhanced compliance features to attract regulated users.

Valuation estimates for Blockchain.com have varied with market cycles, peaking at $5.2 billion during a 2021 funding round led by investors like DST Global and Lightspeed Venture Partners. By early 2024, following a Series E raise, its worth settled below $7 billion, reflecting adjustments in the broader crypto downturn. These financial milestones highlight the company's resilience, even as it navigated challenges like the 2022 market slump that impacted many peers.

A SPAC merger offers Blockchain.com a streamlined alternative to the conventional initial public offering, bypassing some of the lengthy regulatory hurdles and direct capital raises. This approach involves combining with a blank-check company already listed on an exchange, allowing for faster access to public markets. For crypto firms, such deals have gained traction as a means to secure liquidity and demonstrate transparency to shareholders.

The crypto sector has witnessed a notable uptick in public listings this year, driven by renewed investor confidence and clearer regulatory outlooks. Circle, the issuer of the USDC stablecoin, completed a highly successful IPO valued at $1.1 billion, with shares surging 168% on debut day. This performance has encouraged others to follow suit, signaling a maturing industry ready for deeper integration with traditional finance.

Bullish, the exchange backed by Block.one, also achieved a strong public launch earlier in 2025, benefiting from post-listing price gains that boosted its market presence. Gemini, founded by the Winklevoss twins, were officially listed on the Nasdaq on September 12, after successfully raising hundreds of millions ahead of their IPO. These developments illustrate a collective push among established players to leverage public markets for growth capital and enhanced credibility.

For Blockchain.com, a successful SPAC could align it with these trailblazers, potentially unlocking funds for product innovation and global expansion. The firm has already invested in hiring key executives and bolstering its institutional offerings, moves that prepare it for heightened scrutiny as a public entity. As discussions progress, observers will watch closely for how this fits into the ongoing narrative of crypto's mainstream adoption.

This wave of listings comes at a time when SPAC activity tied to digital assets has exceeded $10 billion in deal volume for 2025 alone, outpacing the previous year's total. Recent examples include the $1 billion merger involving Evernorth Holdings, backed by Ripple veterans, which emphasizes the appeal of these vehicles for ambitious crypto ventures. Blockchain.com's exploration fits neatly into this trend, where firms prioritize speed and efficiency in their capital-raising efforts.

Ultimately, the outcome of these talks could shape investor sentiment toward similar platforms eyeing public debuts. With the crypto market stabilizing and institutional interest growing, opportunities like this SPAC path present a pragmatic step forward. Blockchain.com's next moves will likely draw significant attention from both retail and professional stakeholders in the space.