Blockchain.com, a cryptocurrency exchange and wallet provider, recently held talks about going public in the US through a special purpose acquisition company (SPAC) listing, according to two people with knowledge of the matter.
The company named 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 if any talks are ongoing 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.
While 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 rose to $14 billion after another round of financing. However, in November 2023, a $110 million increase valued Blockchain.com at $7 billion, according to Bloomberg.
The company is the latest crypto company 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 list early next year.
Blockchain.com signaled progress toward a potential public transaction by naming two seasoned executives with strong financial and operational experience, according to a February report.
The company hired Justin Evans, who previously worked at Goldman Sachs (GS), as its new chief financial officer. It also named Mike Wilcox, previously CFO of Velocity Global and former portfolio manager of Point72, as its chief operating officer.
Evans said at the time that the exchange is “taking the necessary steps to be a public company, as long as 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 to expand across Africa as crypto regulation begins to take shape
