Blockchain.com confidentially files S-1 for U.S. IPO

Blockchain.com filed a confidential draft S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of Class A ordinary shares. The company has not set pricing or the number of shares. The offering remains subject to SEC review and market conditions.

A confidential draft S-1 begins the formal IPO process and allows the company to receive regulatory feedback before disclosing financial details and offering terms publicly.

Founded in 2011, Blockchain.com operates consumer trading and wallet services and offers institutional products. The company reports more than 95 million wallets, over 43 million verified users and more than $1.1 trillion in processed crypto transactions.

The filing, announced Thursday, follows expansion efforts this year, including deeper entry into African markets and the launch of perpetual futures trading through its self-custodial wallet using the Hyperliquid protocol. The confidential notice did not specify a timeline for a public registration or a preferred listing venue.

Confidential filings do not remove the need for public disclosure once the SEC completes its review and the company decides on offer terms. Final pricing, share count and timing will depend on company decisions, market conditions and the SEC review.

Several digital asset firms have weighed public listings or other strategic options in the past year. One recent sector listing, the January IPO of crypto custodian BitGo, priced shares at $18 and raised about $213 million. That stock has since fallen roughly 57 percent to about $7.66 per share.

The confidential filing notice did not include revenue or profitability figures. If Blockchain.com proceeds to a public registration, the S-1 would disclose audited financial statements and further business information required for a U.S. IPO.