Blockchain.com confidentially files for U.S. IPO
U.K.-based Blockchain.com filed confidentially with U.S. regulators, saying it has created more than 100 million crypto wallets and processed about $1 trillion in transactions.
Blockchain.com submitted a confidential draft registration to U.S. regulators on Thursday seeking an initial public offering in the United States. The filing does not disclose how many shares will be offered, an expected price range or a target listing date.
The London-headquartered company, founded in 2011, reports it has created more than 100 million crypto wallets and processed roughly $1 trillion in transactions since inception. Its product set includes a consumer wallet, trading services and institutional offerings. The firm previously served as the crypto exchange partner of the Dallas Cowboys and was valued as high as $14 billion in private markets.
The filing provides no financial targets, timetables, choice of exchange or names of underwriters. Companies of a certain size can submit confidential draft registration statements for review before making them public; final terms such as share count and offering price are usually set nearer a public filing.
Earlier this year, the company obtained approval from U.K. financial regulators to offer services to crypto customers in that market. A company spokesperson did not immediately respond to requests for comment.
The confidential filing follows a wave of crypto firms seeking public listings. Firms that have announced IPO plans include cryptocurrency exchanges, hardware-wallet and security companies, and blockchain software developers. Last year several crypto-related companies completed public offerings. Stablecoin issuer Circle saw its shares rise more than 168% on their first day of trading. Other firms that listed include crypto exchanges and a blockchain lender; some of those listings reached multibillion-dollar market capitalizations at or soon after debut, while others later traded below their initial valuations.
How investors will value Blockchain.com’s mix of retail and institutional products will become clearer when the company files a public registration statement and discloses audited financial results.
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