Can Blockchain.com Become the Second Crypto Exchange to Go Public in the U.S.?

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The global cryptocurrency landscape continues to evolve, and one of its early pioneers—Blockchain.com—is making headlines again. With a current valuation of $18 billion, the UK-based crypto financial services platform is reportedly in early-stage discussions with U.S. banks about launching an initial public offering (IPO) as early as this year.

If successful, Blockchain.com would become the second major cryptocurrency exchange to list on a U.S. stock exchange—following in the footsteps of Coinbase, which made history in April 2021 with its direct listing on Nasdaq.

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The Road to a Potential U.S. IPO

According to recent reports from April 2025, Blockchain.com has initiated preliminary talks with investment banks to explore the feasibility and timeline for a potential IPO. While these discussions are still in their infancy and subject to change, they signal growing confidence in the company’s long-term strategy and regulatory preparedness.

The move comes amid increasing institutional interest in blockchain technology and digital assets. As markets mature and regulatory frameworks take shape, well-established players like Blockchain.com are positioning themselves for greater transparency, compliance, and access to traditional capital markets.

Coinbase's landmark listing set a precedent, opening the door for other crypto-native firms to consider public market entry. However, the journey hasn't been smooth—Bitcoin’s volatility has impacted investor sentiment, and Coinbase’s share price has seen significant fluctuations since its peak.

As of late April 2025, Coinbase was trading around $147, down nearly 61% from its opening price of $381. This market reality underscores the challenges that Blockchain.com may face when entering the public arena: not just proving financial strength, but also demonstrating sustainable growth and regulatory resilience.

A Legacy Built on Trust and Scale

Founded in 2011, Blockchain.com launched its flagship product—the Blockchain.info block explorer—shortly after Bitcoin began gaining traction. It quickly became one of the most widely used tools for tracking Bitcoin transactions.

In 2012, the company introduced its non-custodial Bitcoin wallet, which rapidly gained popularity due to its simplicity and security. At its peak, Blockchain.com handled nearly 20% of all daily Bitcoin transactions worldwide.

Today, the platform serves over 37 million verified users and manages more than 82 million wallet addresses, with cumulative transaction value exceeding $1 trillion across its ecosystem.

Beyond retail services, Blockchain.com has expanded into institutional offerings, providing crypto derivatives, lending solutions, and trading infrastructure for hedge funds and mining operations. According to data from CoinGecko, its exchange handles approximately $15 million in daily trading volume.

Revenue growth has been equally impressive. In a 2021 interview with Fortune, company executives revealed that annual revenue had already reached $1.5 billion by October of that year—projecting a full-year figure of **$1.89 billion**.

This strong financial performance attracted major investors during its Series D funding round in March 2025, led by Lightspeed Ventures and Baillie Gifford & Co., which valued the company at $18 billion—a testament to its enduring relevance in a competitive market.

Regulatory Hurdles Ahead

Despite its scale and financial backing, Blockchain.com faces significant regulatory hurdles—particularly if it aims to list in the United States.

U.S. financial regulators, including the Securities and Exchange Commission (SEC), have taken a cautious approach toward crypto asset listings, demanding strict compliance with securities laws, anti-money laundering (AML) protocols, and investor protection standards.

One notable challenge stems from Blockchain.com’s past regulatory decisions. In March 2025, the company withdrew its application for temporary registration under the UK’s Financial Conduct Authority (FCA). Under FCA rules, crypto firms operating in Britain must comply with AML requirements or cease operations by March 31.

Instead of pursuing approval in the UK, Blockchain.com shifted its European operations to Lithuania, where it secured licensing through local regulators. While this strategic pivot allowed continued operations in Europe, it raises questions about consistency in compliance posture—an issue likely to be scrutinized during any U.S. listing process.

Comparatively, Coinbase benefited from years of proactive engagement with U.S. regulators, building a compliance-first model that helped pave its path to IPO. For Blockchain.com, achieving similar credibility will require transparent governance, robust KYC procedures, and clear separation between its wallet, exchange, and institutional arms.

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How Does Blockchain.com Compare to Other Exchanges?

While Coinbase remains the benchmark for publicly traded crypto exchanges, Blockchain.com differentiates itself through its hybrid model—balancing retail accessibility with deep institutional integration.

Unlike some centralized exchanges focused solely on trading volume, Blockchain.com emphasizes wallet security, blockchain transparency, and long-term user trust—core values reflected in its open-source tools and educational resources.

However, as noted by Cai Kailong, senior researcher at the Renmin University Fintech Research Institute, “Blockchain.com doesn’t carry the same brand momentum as Coinbase did pre-IPO.” He points out that early investors in Coinbase included heavyweight firms like Andreessen Horowitz and Union Square Ventures—names that brought instant credibility.

“In contrast,” Cai adds, “Blockchain.com’s investor profile is less visible in mainstream fintech circles. Plus, much of its business is centered outside the U.S., particularly in Europe and Asia.”

Moreover, while Coinbase dominates U.S. trading activity and enjoys direct access to American banking partners, Blockchain.com’s UK roots mean it must navigate complex cross-border regulations—a potential disadvantage when seeking favor with U.S. investors.

Still, being a later entrant isn’t necessarily a drawback. Market conditions in 2025 are more mature than in 2021. Investors now better understand crypto risks and opportunities. A well-prepared IPO could position Blockchain.com as a stable alternative—not chasing hype, but offering real utility.

Frequently Asked Questions (FAQ)

Q: Is Blockchain.com already listed on a stock exchange?
A: No, Blockchain.com is currently a privately held company. It has not yet gone public but is exploring an IPO in the U.S.

Q: What is Blockchain.com’s current valuation?
A: As of March 2025, Blockchain.com was valued at $18 billion following its latest funding round.

Q: How does Blockchain.com make money?
A: Revenue streams include exchange trading fees, interest from crypto lending products, institutional derivatives trading, wallet services, and data analytics via its block explorer.

Q: Why did Blockchain.com withdraw its FCA registration?
A: The company chose not to pursue UK licensing under the FCA’s temporary regime and instead obtained regulatory approval in Lithuania for its European operations.

Q: Could Binance.US go public before Blockchain.com?
A: Possibly. Binance.US recently raised over $200 million at a $4.5 billion valuation and has expressed interest in going public once it demonstrates operational independence from Binance Global.

Q: Will Blockchain.com’s IPO definitely happen in 2025?
A: Not guaranteed. Talks are preliminary, and final decisions depend on market conditions, regulatory progress, and internal readiness.

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Final Outlook

Blockchain.com stands at a pivotal moment. With strong user adoption, solid revenue performance, and growing institutional support, it possesses many of the ingredients needed for a successful public listing.

Yet the road to Wall Street remains steep. Regulatory scrutiny, geopolitical complexities, and shifting investor sentiment mean that only those with impeccable compliance records and transparent business models will succeed.

If Blockchain.com can align its global operations with U.S. regulatory expectations—and communicate a clear vision for sustainable growth—it may very well become the second major crypto exchange to join the public markets.

And in doing so, it won’t just follow Coinbase’s path—it could help define what responsible crypto innovation looks like in the next decade.

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