tl;dr
Blockchain.com is exploring a SPAC merger to go public amid a crypto industry recovery, leveraging regulatory clarity and institutional adoption after a turbulent valuation journey.
**Blockchain.com Weighs SPAC Merger as Path to Public Listing Amid Crypto Industry Recovery**
Blockchain.com, one of the pioneering cryptocurrency exchanges and wallet providers, is reportedly exploring a special purpose acquisition company (SPAC) merger as a strategy to go public. This potential move comes amid a broader resurgence in the crypto industry, driven by regulatory clarity and institutional adoption, and follows the company’s turbulent valuation journey over the past few years.
Founded in 2011, Blockchain.com has long been a fixture in the crypto ecosystem, offering trading, wallet, and custodial services to millions of users. Its early entry into the market allowed it to build a substantial user base and navigate multiple market cycles. However, the company has faced significant challenges, including a valuation drop from $14 billion in 2022 to $7 billion by November 2023, attributed to falling crypto prices, reduced trading activity, and regulatory uncertainty.
Despite these hurdles, Blockchain.com has maintained its ambition to become a publicly traded entity. The firm recently appointed Goldman Sachs veteran Justin Evans as chief financial officer (CFO), who emphasized the company’s readiness to pursue a public listing “if and when the public markets are available.” Additionally, the company hired Mike Wilcox, former CFO of Velocity Global, as chief operating officer (COO), signaling strategic preparations for expansion.
A SPAC merger would provide Blockchain.com with a faster and less complex route to the public markets compared to a traditional initial public offering (IPO). SPACs, or “blank-check” companies, are designed to acquire established businesses, and they have gained popularity among crypto and fintech firms in recent years. While this approach could offer capital flexibility and increased visibility, it also subjects the company to heightened regulatory and investor scrutiny—a trade-off the firm is likely weighing carefully.
The broader crypto industry is experiencing a revival in 2025, fueled by regulatory developments and growing institutional interest in blockchain-based financial services. This recovery has reignited public listing ambitions for major players. For example, Gemini, a U.S.-based exchange, completed its IPO in September 2025, pricing shares at $28 and surging 14.3% on its debut. Similarly, Bullish, another crypto exchange, made its market debut in August, with shares jumping 83% to $68.
Meanwhile, Kraken, one of the largest global crypto exchanges, is preparing for a traditional IPO as early as Q1 2026. Kraken recently secured $500 million in funding, valuing the company at $15 billion. These developments underscore a shifting landscape where crypto firms are increasingly seeking public market access to capitalize on renewed investor confidence.
Blockchain.com’s decision to explore a SPAC merger reflects both the opportunities and challenges of the current environment. While the path to public listing remains uncertain, the company’s strategic moves—coupled with the industry’s recovery—position it to potentially capitalize on the evolving market. As regulators and investors closely watch the crypto sector, Blockchain.com’s next steps could serve as a bellwether for others in the space.