Blockchain.com, a cryptocurrency exchange and wallet provider, recently held discussions about going public in the United States through a special purpose acquisition company (SPAC) listing, according to two people with knowledge of the matter.
The company has appointed Cohen & Company Capital Markets to advise it 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 underway at this time.
Blockchain.com declined to comment. Cohen & Company Capital Markets did not respond to a request for comment at the time of publication.
Although the valuation of a potential deal is unknown, over the years the company has raised funds at different valuations due to market volatility.
In March 2021, it raised $300 million at a post-money valuation of $5.2 billion. The following year, its valuation climbed to $14 billion after a new round of financing. However, as of November 2023, a $110 million raise valued Blockchain.com at $7 billion, according to Bloomberg.
The company is the latest crypto company to file for 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 list early next year.
Blockchain.com signaled progress toward a possible public transaction by appointing two experienced executives with strong financial and operational backgrounds, according to a report released in February.
The company has hired Justin Evans, who previously worked at Goldman Sachs (GS), as its new CFO. He also named Mike Wilcox, former CFO of Velocity Global and former portfolio manager of Point72, as chief operating officer.
Evans said at the time that the exchange was “taking the necessary steps to become a public company, if and when public markets become available.”
Earlier this year, the company expanded its operations to several African countries, including Ghana, Kenya and South Africa.
Learn more: Blockchain.com to expand across Africa as crypto regulation begins to take shape
