Blockchain.com, a cryptocurrency exchange and wallet provider, recently held talks to go public in the US via a special purpose acquisition company (SPAC) IPO, according to two people with knowledge of the matter.
The company appointed Cohen & Company Capital Markets to advise on a potential SPAC deal, said one of the people, who spoke on condition of anonymity because the matter is private. It is unclear whether negotiations are currently underway.
Blockchain.com declined to comment. Cohen & Company Capital Markets did not respond to a request for comment by the time of publication.
While the valuation of a potential deal is unknown, the company has raised funds over the years for various valuations due to market volatility.
In March 2021, it raised $300 million for a post-money valuation of $5.2 billion. The following year, its valuation rose to $14 billion after another round of funding. But in November 2023, a $110 million raising valued Blockchain.com at $7 billion, according to Bloomberg.
The firm is the latest crypto firm to seek a public listing amid a flurry of deals in the space. Stablecoin issuer Circle (CRCL) went public via an initial public offering (IPO) in June, followed by CoinDesk owner Bullish (BLSH) in August and crypto exchange Gemini (GEMI) in September. Rival exchange Kraken is also reportedly looking to go public early next year.
Blockchain.com signaled progress toward a potential go-public transaction by appointing two experienced executives with strong financial and operational backgrounds, according to a report in February.
The company hired Justin Evans, who previously worked at Goldman Sachs ( GS ), as its new chief financial officer. It also named Mike Wilcox, former CFO of Velocity Global and former Point72 portfolio manager, as its chief operating officer.
Evans said at the time that the exchange “is taking the necessary steps to be a public company if and when the public markets are available.”
Earlier this year, the company expanded its operations to several African countries, including Ghana, Kenya and South Africa.
Read more: Blockchain.com expands across Africa as crypto regulation begins to take shape
