Blockchain.com files a confidential IPO filing with the SEC

Crypto IPOs are back on the table, but without drums or confetti. This time, Blockchain.com advances masked, like a player protecting their hand before the flop. The company wants to go public in the United States but chooses the confidential route. In an industry still marked by crashes, this discretion already looks like a survival strategy.

Blockchain.com moves toward Wall Street without showing all its cards

Blockchain.com has confidentially submitted an S-1 form to the SEC to prepare a US IPO. The number of shares and price range remain unknown. Indeed, this type of filing allows obtaining initial feedback from the regulator without exposing its finances too soon. The company is gaining time while preparing its entry into the public arena.

The filing rests on a solid foundation. Blockchain.com claims over 95 million wallets, more than 43 million verified users, and over 1,100 billion dollars in transactions since 2011.

The platform offers wallet services, trading, as well as institutional products. It has also strengthened its presence in Africa and launched perpetual contracts via Hyperliquid from its non-custodial wallet.

For the crypto industry, the signal counts a lot. Blockchain.com is not just attempting a listing. It is testing whether Wall Street still accepts the old pillars of the sector after several years of severe shocks.

Crypto IPOs are back, but Wall Street watches every bluff

The context remains clearly less euphoric than at the time of easy large fundraisings. Several crypto companies have considered going public, then slowed down. Kraken filed confidentially in November 2025, before potentially pushing back its schedule to 2027.

Copper would now be considering a sale instead of an IPO. Ledger and Consensys remain cautious, like players refusing to commit their chips too early.

Blockchain.com knows this climate. The company had already discussed going public via SPAC, according to reports last year. Now, it is returning through a more traditional but still discreet route. This caution speaks almost as much as the filing itself.

Recent precedents remind that Wall Street can applaud then harshly sanction. BitGo raised about 213 million dollars at its IPO, at a valuation above 2 billion. Yet, its stock then fell about 57%.

Circle had a spectacular start, while Gemini and Bullish have followed very different trajectories. The crypto market therefore no longer offers a blank check.

The former giants return before the SEC with thicker armor

Blockchain.com’s approach arrives in a window more ambiguous than it appears. Reuters mentions a recent improvement in crypto sentiment, driven by US regulatory advances. A Senate committee recently advanced a long-awaited bill on cryptocurrencies. 

Bitcoin has also gained about 20% over three months, even though it remains down since the beginning of the year.

This partial recovery gives some breathing room to IPO candidates. However, the market remains shaken since a record crash in October. Investors have adopted a more defensive mood, which slows new listings. The confidential filing then becomes a kind of smart “check”: Blockchain.com stays in the game without pushing all its chips to the center.

The regulatory process could take at least two to three months. This gives Blockchain.com the possibility to wait for a better market window. The company is not only looking for capital. It especially seeks institutional validation, in a sector where trust is sometimes worth more than displayed growth.

The figures already on the table

• Blockchain.com claims over 95 million wallets worldwide;
• More than 43 million verified users already use its services;
• The platform states it has processed 1,100 billion dollars;
• BitGo dropped about 57% after its IPO;
• Kraken could push back its IPO until 2027.

The return of IPOs is no longer limited to crypto companies alone. Behind the scenes, the most watched operation remains the one Elon Musk is preparing around Nasdaq. If confirmed, this IPO could capture global attention and redefine investors’ appetite for mega technology projects.