Blockchain.com files confidential S-1 for 2026 IPO

Blockchain.com filed a confidential draft registration statement (S-1) with the U.S. Securities and Exchange Commission as it prepares for a possible initial public offering on a U.S. exchange in 2026. The company did not disclose a share count or price range in the filing.

The Dallas-based firm reports it supports more than 95 million wallets and 43 million confirmed accounts. It employs about 500 people and has reported adjusted profitability for the past three years.

Blockchain.com first considered a public listing in 2022. Its valuation rose to about $14 billion in spring 2022 and fell to under $7 billion after a 2023 Series E funding round.

A small number of crypto companies completed public listings in 2025, but markets have been under pressure since a sharp crash in October. That shift has reduced demand for new crypto listings and increased scrutiny of pricing and market interest on listing days.

Several peers have paused or delayed public offerings. Payward, the parent company of Kraken, postponed its IPO in March and announced a reduction of roughly 150 roles. Hardware wallet maker Ledger has paused its listing plans.

A confidential S-1 begins the SEC review process but does not guarantee an IPO. Before any public launch, the company must set a share count and price range. Market conditions and token price levels will factor into timing and valuation.

Blockchain.com provides wallet and trading services and has operated for more than a decade. The filing adds a crypto services firm to the group seeking public capital in 2026.