Crypto IPOs are back on the table, but without fanfare or confetti. This time, Blockchain.com advances hidden, like a player protecting his hand before the flop. The company wants to go public in the United States, but chooses the confidential route. In an industry still marked by crashes, this discretion already looks like a survival strategy.
In brief
- Blockchain.com secretly files its SEC filing to prepare for a US entry monitored by Wall Street.
- Several crypto companies are slowing down their stock market ambitions after the disappointing performances observed since recent introductions.
- BitGo lost around fifty-seven percent after its IPO despite an impressive investor raise.
- Blockchain.com is now banking on American regulation, massive wallets and African expansion to seduce the markets.
Blockchain.com advances towards Wall Street without showing all its cards
Blockchain.com has confidentially submitted a Form S-1 with the SEC to prepare for a US IPO. The number of shares and price range remain unknown. In fact, this type of deposit makes it possible to obtain the first returns from the regulator without exposing your finances too quickly. The company therefore saves time, while preparing his entry into the public arena.
The file rests on a solid foundation. Blockchain.com claims over 95 million wallets, over 43 million verified users, and over $1.1 trillion in transactions since 2011.
The platform offers wallet and trading services, as well as institutional products. It also strengthened its presence in Africa and launched perpetual contracts via Hyperliquid from its non-custodial wallet.
For the crypto industry, signal matters a lot. Blockchain.com is not just attempting a listing. It tests whether Wall Street still accepts the old pillars of the sector, after several years of severe shaking.
Crypto IPOs are coming back, but Wall Street is watching every bluff
The context remains significantly less euphoric than at the time of the big, easy lifts. Several crypto companies considered the stock market, then slowed down. Kraken filed confidentially in November 2025, before potentially pushing its timeline back to 2027.
Copper would now consider a sale, instead of an introduction. Ledger and Consensys also remain cautious, like players who refuse to engage their stack too early.
Blockchain.com knows this climate. The company had already discussed going public via SPAC, according to reports last year. Now, she returns in a more classic, but still discreet, way. This caution speaks almost as much as the deposit itself.
Recent precedents remind us that Wall Street can applaud, then brutally sanction. BitGo raised around $213 million in its IPO, at a valuation of over $2 billion. However, its stock subsequently fell by around 57%.
Circle got off to a spectacular start, while Gemini and Bullish followed very different trajectories. The crypto market therefore no longer offers a blank check.
Former giants return to the SEC with thicker armor
Blockchain.com's approach arrives in a more ambiguous window than it seems. Reuters mentions a recent improvement in crypto sentiment, driven by American regulatory advances. A Senate committee recently advanced a long-awaited text on cryptocurrencies.
Bitcoin has also recovered around 20% over three months, although it remains down since the start of the year.
This partial recovery gives a little oxygen to IPO candidates. However, the market remains turbulent since a record crash in October. Investors have adopted a more defensive mood, which is slowing new listings. The confidential deposit then becomes a sort of intelligent “check”: Blockchain.com remains in the game, without pushing all its tokens to the center.
The regulatory process could take at least two to three months. This gives Blockchain.com the option to wait for a better market window. The company is not just looking for capital. Above all, it seeks institutional validation, in a sector where trust is sometimes worth more than the growth displayed.
The figures that already weigh on the carpet
- Blockchain.com claims more than 95 million wallets worldwide;
- More than 43 million verified users already use its services;
- The platform claims to have processed $1.1 trillion;
- BitGo fell about 57% after its IPO;
- Kraken could delay its IPO until 2027.
The return of IPOs is no longer limited to crypto companies alone. Behind the scenes, the most closely watched operation remains the one that Elon Musk is preparing around the Nasdaq. If confirmed, this introduction could attract global attention and redefine investors' appetite for technology megaprojects.
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