Blockchain.com is reportedly considering utilizing a SPAC (special purpose acquisition company) merger to publicly list on the stock market.
While the SPAC listing that Blockchain.com is reportedly considering would provide the company with additional capital flexibility and exposure following its previous downturns, it would also place the firm under increased scrutiny from regulators and investors.
Blockchain.com considers listing publicly through SPAC merger
Blockchain.com, one of the world’s leading cryptocurrency exchanges and wallet providers, is reportedly considering going public through a merger with a special-purpose acquisition company (SPAC), according to sources cited in reports.
Blockchain.com was founded in 2011 and has been one of the oldest players in the crypto ecosystem, offering trading, wallet, and custodial services to millions of users worldwide. Its early start allowed it to build a large customer base and survive multiple market cycles.
The company has reportedly appointed an advisor and held discussions about a possible SPAC deal. Blockchain.com has not yet made a final decision and details such as timing or valuation have not been disclosed.
Blockchain.com has long held the goal of becoming a publicly traded company. When the firm appointed Goldman Sachs veteran Justin Evans as chief financial officer (CFO) in February, Evans said Blockchain.com was “taking the necessary steps to be a public company, if and when the public markets are available.”
In addition to Evans, the company recently hired Mike Wilcox, the former CFO at Velocity Global, as chief operating officer (COO). The company’s use of a SPAC would offer a quicker and less complex path to the public markets than a traditional initial public offering (IPO).
SPACs are blank-check companies created specifically to acquire existing businesses and they have recently regained popularity among crypto and fintech firms.
Crypto IPO wave grows despite market volatility
Blockchain.com has experienced the market’s volatility with its valuation rising to $5.2B in March 2021, and then to $14B in the next year in 2022, only to have taken a nosedive to $7B by November of 2023 due to falling crypto prices, lower trading activity, and regulatory uncertainty.
However, the crypto industry has rebounded in 2025, supported by regulatory clarity and the institutional adoption of blockchain-based financial services. This recovery has renewed the interest in public listing ambitions among major players.
In September, the U.S.-based exchange Gemini completed its IPO, pricing shares at $28 and closing its first trading day up 14.3% at $32, valuing the firm at roughly $3.3B. Similarly, Bullish, another cryptocurrency exchange, made its market debut in August, pricing shares at $37 and seeing them soar 83% to $68 by day’s end giving the firm a $10B fully diluted market capitalization.
Meanwhile, Kraken, one of the largest global exchanges, is reportedly preparing for a traditional IPO as early as the first quarter of 2026. In September, Kraken raised $500M in a funding round that valued the company at $15B.
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