Blockchain.com files confidential S-1 with SEC for U.S. IPO

Blockchain.com Group Holdings Inc. filed a confidential draft registration statement, or S-1, with the U.S. Securities and Exchange Commission on May 21, 2026, starting the formal SEC review for a U.S. initial public offering. The company submitted the document under a provision that allows confidential review before public disclosure.

The filing does not set a share count, price range or listing exchange. The offering remains subject to SEC review and prevailing market conditions. A public filing of the full S-1 will include audited financial statements, revenue and user metrics, profitability data and detailed risk factors.

Founded in 2011 as Blockchain.info by Benjamin Reeves, Nicolas Cary and Peter Smith, Blockchain.com operates a cryptocurrency exchange, a self-custody wallet service, staking and lending products, institutional services and tokenized-asset offerings. The company reports more than 80 million wallets created, over $1.2 trillion in processed transactions and operations in more than 100 countries.

Blockchain.com reached a peak valuation near $14 billion in 2022. Secondary-market activity since then has indicated a substantially lower effective valuation, with some private trades reported around $14 per share.

Preparations for a public listing have included the appointment of Lane Kasselman as co-CEO and the addition of a former KPMG chief executive to the board. The company has received regulatory permissions in Europe and the U.K., including authorization under the EU Markets in Crypto-Assets framework and registration with the U.K. Financial Conduct Authority.

The company previously examined a special-purpose acquisition company route but is pursuing a traditional initial public offering. The timing of a public S-1 filing, a roadshow and final pricing will depend on the outcome of the SEC review and market conditions.

The confidential S-1 was filed as other digital asset companies have moved toward public listings. Items likely to draw attention in the eventual public filing include custody practices, revenue breakdowns, transaction volumes, user growth and capital requirements.

Investors and analysts will await the public S-1 for audited results, detailed customer and revenue disclosures, and specific information on custody controls and risk management. Final decisions on pricing, exchange selection and the offering timetable will be disclosed later in the process.