The Dallas-based firm submitted the draft S-1 under provisions that allow companies to work through the SEC review process before making details public, according to a press release published Thursday and Bloomberg reporting. Share count and price range have not been set, and the IPO remains subject to market conditions and SEC review completion.

Founded in 2011, Blockchain.com has built one of the longest operating records in the digital asset sector. Originally launched as Blockchain.info it was founded by Benjamin Reeves, Nicolas Cary, and Peter Smith.

The company runs a crypto exchange, a self-custody wallet service with more than 80 million wallets created, staking, lending, institutional products, and tokenized assets. It operates across more than 100 countries and has processed over $1.2 trillion in transactions.

At its peak in 2022, Blockchain.com carried a valuation of roughly $14 billion. Secondary market activity since then has placed it considerably lower, with some trades occurring near $14 per share, reflecting wider sector pressures.

The company has been building toward a public listing for some time. Leadership additions include co-CEO Lane Kasselman, and the board added a former KPMG chief executive. Blockchain.com also secured MiCA and FCA regulatory licenses and expanded its product lineup. The firm previously weighed a SPAC route before settling on a traditional IPO path.

No full financial disclosures are public yet. The eventual S-1 filing will include revenue figures, user metrics, profitability data, and detailed risk factors.

Blockchain.com is not moving alone. Kraken filed a confidential IPO draft targeting early 2026. Circle advanced its own IPO process and is now listed on the NYSE. Gemini and other digital asset firms have also been listed on American stock markets, pointing to a broader push by crypto companies to access public capital markets.

The timing aligns with improved bitcoin prices and a regulatory environment that has grown more accommodating toward digital asset businesses in the United States. Those conditions have renewed institutional interest in the sector.

Still, risks remain. Crypto market volatility, custody disclosures, revenue transparency, and the execution demands of the IPO process are all factors that will come under scrutiny as the S-1 moves toward public release.

The confidential filing limits what is immediately known, but it marks a concrete step forward. Investors and analysts will watch for updates as the SEC review progresses, a public S-1 becomes available, and roadshow details are disclosed.

Blockchain.com’s path from a 2011 startup to a potential public company reflects how parts of the digital asset industry have matured. The firm’s global reach, transaction volume, and wallet user base give it a distinct profile among the current crop of crypto IPO candidates.

The story remains in motion. Pricing, exchange selection, and a final offering timeline will come later in the process.

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