Blockchain.com Eyes $14B Valuation With SPAC Listing Talks
Talks With Cohen & Company
Blockchain.com, one of the oldest names in crypto infrastructure, is exploring a public listing through a merger with a special-purpose acquisition company (SPAC), according to people familiar with the matter. The move would make it the latest digital-asset firm to test U.S. markets as investor appetite revives.
CoinDesk reported that the company has held preliminary discussions with potential partners and appointed Cohen & Company Capital Markets as adviser. Both firms declined to comment. A listing through a SPAC would offer a quicker route to market than a traditional IPO, allowing management to present forward-looking financial projections—an option favored by growth-stage fintechs.
The talks follow a sweeping internal overhaul aimed at preparing the 12-year-old company for public-market scrutiny. Over the past year, Blockchain.com has restructured its board and expanded its executive bench, part of what insiders describe as a “public-company readiness” drive.
Investor Takeaway
Governance and Leadership Reshuffle
In February, the company hired Justin Evans, a former Goldman Sachs executive, as chief financial officer, and Mike Wilcox, previously CFO at Velocity Global and a former portfolio manager at Point72, as chief operating officer. In August, it added Timothy P. Flynn, the former global chairman of KPMG and ex-director at JPMorgan, alongside Landon Edmond, chief legal officer of Klaviyo, to its board.
The appointments bring heavyweight financial and compliance experience to a company that has weathered multiple crypto cycles. Chief executive Peter Smith, who co-founded Blockchain.com in 2011 with Nicolas Cary and Ben Reeves, is betting that a governance refresh and professionalized management will assist restore investor confidence later than the market turbulence of 2022–23.
From Explorer to platform
Blockchain.com began as Blockchain.info, a BTC block explorer and non-custodial wallet. Over time it added trading and lending services and claims to have processed more than $1 trillion in crypto transactions. Its retail wallet remains among the most downloaded globally, and it has built a modest institutional business around trading and data analytics. The company operates from London with a footprint in Europe, the U.S., and Africa.
Like many of its peers, Blockchain.com has ridden the highs and lows of the crypto cycle. It raised $420 million in 2021 across two rounds that valued the business at $5.2 billion, later peaking near $14 billion in private transactions. That valuation collapsed later than the failure of Three Arrows Capital, to which it had $270 million in exposure, forcing layoffs and balance-sheet write-downs. In late 2023 it raised $110 million at a $7 billion valuation, led by Kingsway Capital.
Investor Takeaway
Why a SPAC Listing Fits the Moment
SPACs, or blank-check companies, offer private firms a quicker route to the public market by merging with a pre-listed shell. The structure allows deal sponsors to lock in valuation terms and navigate volatile equity conditions more efficiently than through a traditional IPO. Cohen & Company, which rebranded from J.V.B. Financial this year, has built out a SPAC advisory platform focused on fintech and digital assets—making it a natural fit for Blockchain.com’s ambitions.
The timing reflects a broader reopening of firms. Circle listed in June, Bullish followed in August, and Gemini went public in September. All three saw active trading and steady demand—an improvement on the cold reception of 2022–23, when investor fatigue and regulatory pressure froze new listings.
If Blockchain.com proceeds, it could become the first major London-based crypto firm to secure a U.S. listing since that recovery began. The company’s pitch to investors will likely center on its longevity, broad product suite, and growing presence in emerging markets.
Growth in Africa and Market Outlook
Recent expansion has focused on sub-Saharan Africa, where Blockchain.com has opened operations in Ghana, Kenya, and South Africa, with a Nigeria office under preparation. Bloomberg reported that the company views rising mobile adoption and lighter regulatory regimes as a natural fit for crypto wallet and payment services.
Still, questions remain about profitability and compliance. The firm’s exposure to bankrupt lenders and opaque accounting during the bull market raised concerns that investors will expect greater transparency before any merger proceeds. Analysts say any SPAC deal will hinge on PIPE financing and redemption rates—two pressure points that have derailed many post-2021 blank-check transactions.
“The appetite is back, but the bar is higher,” said one person familiar with ongoing SPAC discussions. “Investors want cleaner governance and predictable earnings before committing to another crypto listing.”
Timeline and Outlook
Founded in 2011, Blockchain.com is among the few survivors from crypto’s first wave. Its history includes: a 2021 funding boom, a 2022 liquidity hit, a 2023 recapitalization, and now a 2025 management overhaul. Whether it proceeds with a SPAC merger or pivots to a traditional IPO, the company appears determined to return to public markets while sentiment remains favorable.
The talks remain preliminary, and timing will depend on market conditions. For now, Blockchain.com’s restructured leadership and advisory lineup suggest a clear direction: later than years of volatility, the firm is preparing to test Wall Street’s renewed openness to digital finance.
