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Blockchain.com Has Held Talks to Go Public Via SPAC Deal: Sources
The crypto trading platform and wallet provider is being advised by Cohen & Company Capital Markets, according to a person familiar wih the matter.
Updated Oct 20, 2025, 2:27 p.m. Published Oct 20, 2025, 2:06 p.m.
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What to know:
- Blockchain.com has held talks about going public via a SPAC listing, according to sources.
- Cohen & Company Capital Markets is said to be advising the crypto exchange and wallet provider.
Blockchain.com, a cryptocurrency exchange and wallet provider, has recently held talks about going public in the U.S. via a special purpose acquisition company (SPAC) listing, according to two people with knowledge of the matter.
The company appointed Cohen & Company Capital Markets to advise on a potential SPAC deal, one of the people said, who spoke on condition of anonymity as the matter is private. It's unclear if any talks are ongoing at present.
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Blockchain.com declined to comment. Cohen & Company Capital Markets didn't respond to a request for comment by publication time.
While the valuation of a potential deal is unknown, throughout the years the firm 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 another funding round. However, by November 2023, a $110 million raise valued Blockchain.com at $7 billion, according to Bloomberg.
The firm 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's 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 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 appointed Mike Wilcox, previously 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 steps necessary to be a public company, if and when the public markets are available.”
Earlier this year, the company expanded its operations into several African countries, including Ghana, Kenya and South Africa.
Read more: Blockchain.com to Expand Across Africa as Crypto Regulation Begins to Take Shape
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