Blockchain.com has quietly taken the first step toward going public in the U.S., filing confidentially for an initial public offering, the crypto exchange confirmed Thursday. The firm did not disclose how many shares it plans to sell or a price range for the offering.
Founded in 2011 and headquartered in the U.K., Blockchain.com says it has helped create more than 100 million crypto wallets and processed about $1 trillion in transactions. The potential IPO would place the longtime industry player alongside a wave of crypto companies exploring public markets, including exchanges Kraken, hardware-wallet maker Ledger, and Consensys—the developer behind MetaMask.
Last year’s crop of crypto listings provides a mixed backdrop. Stablecoin issuer Circle (CRCL) enjoyed a blockbuster debut, with shares surging more than 168% on day one. Other entrants such as Gemini (GEMI), Bullish (BLSH) and Figure Technologies (FIGR) also went public, but post-IPO performance has varied: Gemini’s market capitalization slipped below $700 million on Thursday, while Bullish traded around $36.25—just under its $37 IPO price—for an intraday market cap near $5.94 billion, per Yahoo Finance.
How Blockchain.com will compare to other exchange operators remains uncertain. The company was once valued as high as $14 billion and is still listed as a partner of the Dallas Cowboys. Earlier this year it won approval from U.K. financial regulators to offer services to crypto customers in the country.
A Blockchain.com spokesperson did not immediately respond to Decrypt’s request for comment.
Editor’s note: This story was corrected after publication to clarify that Blockchain.com remains a partner of the Dallas Cowboys.
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