Blockchain.com Plans US Public Listing via SPAC Amid Crypto IPO Rush
Blockchain.com is considering a US public listing via a SPAC deal, with Cohen & Company Capital Markets advising. The status of talks is currently unclear.
- SPACs allow companies to go public by merging with a listed shell company, providing faster market access compared to traditional IPOs.
- Since August 2021, Blockchain.com has raised funds at various valuations, including $120 million in February 2021 and $300 million in March 2021.
- Valuations peaked at $14 billion, adjusted to $7 billion after raising $110 million in November 2023.
- The company recently expanded its leadership team with key hires such as Justin Evans as CFO and Mike Wilcox as COO.
- Timothy Flynn, former KPMG CEO, and Landon Edmond, Klaviyo’s chief legal officer, joined the board to enhance governance and regulatory expertise.
Crypto Firms Public Listing Trend
- Crypto firms are increasingly going public; notable listings include Circle via IPO in June, Bullish in August, and Gemini in September.
- Blockchain.com has expanded services into Africa, indicating readiness for a public transition.
- This trend reflects increased investor confidence and regulatory clarity for digital assets in the US.