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Crypto services firm Blockchain.com said it filed confidentially for a U.S. IPO.

Why it matters: The filing comes as other crypto firms delay IPO plans.

Catch up quick: Founded in 2011, Blockchain.com has experienced multiple crypto cycles and moved from consumer wallets into exchange and institutional products.

Blockchain.com was valued at $14 billion in 2022 after a Series D led by Lightspeed Venture Partners, with major participation from Baillie Gifford.

It raised $110 million in Series E funding in 2023, led by Kingsway Capital, at a reported valuation less than half that 2022 mark.

Backers in the Series E included Baillie Gifford, Lakestar, LSVP, GV, Access Industries, Moore Capital, Prudence, Freeman Capital, Coinbase Ventures and Pledge Ventures.

By the numbers: Blockchain.com says it has more than 95 million wallets and over 43 million verified users and has facilitated more than $1.1 trillion in crypto transactions.

The big picture: The crypto IPO window reopened last year, but post-trade performance has been uneven for those issuers.

Circle remains the clear winner, trading at nearly 4x its $31 IPO price even after pulling back from post-debut highs.

Figure is trading about 40% above its $25 IPO price, while Bullish is slightly below its $37 offer price.

Gemini has fared far worse, trading about 80% below its $28 IPO price.

State of play: If Blockchain.com moves forward with a listing, it will do so even as other potential IPO candidates take a step back.

Consensys, Ledger and Kraken parent Payward have all reportedly delayed or paused IPO plans while waiting for better market conditions.

The bottom line: Blockchain.com is betting that longevity and scale can overcome the valuation reset that followed the last crypto boom.

Blockchain.com files confidentially for U.S. IPO

The filing comes as other crypto firms delay IPO plans.

Illustration of the Wall Street bull statue with a Bitcoin as an eye.

Crypto services firm Blockchain.com <a class="gtmContentClick" data-vars-link-text="said" data-vars-click-url="https://www.prnewswire.com/news-releases/blockchaincom-announces-confidential-submission-of-draft-registration-statement-for-proposed-initial-public-offering-of-class-a-ordinary-shares-302778533.html" data-vars-content-id="5b623957-7302-4008-aeca-189372399524" data-vars-headline="Blockchain.com files confidentially for U.S. IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.prnewswire.com/news-releases/blockchaincom-announces-confidential-submission-of-draft-registration-statement-for-proposed-initial-public-offering-of-class-a-ordinary-shares-302778533.html" target="_blank">said</a> it filed confidentially for a U.S. IPO.Why it matters: The filing comes as other crypto firms delay IPO plans.

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Blockchain.com files confidentially for U.S. IPO

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