Blockchain.com Group Holdings Inc. confidentially filed a draft Form S-1 with the U.S. Securities and Exchange Commission on Thursday, setting up one of crypto’s oldest companies for a U.S. public listing before the end of 2026. The Dallas-based firm, which has operated a digital asset wallet, exchange and institutional trading desk since 2011, said the share count and price range have not yet been set and that the offering remains subject to market conditions and SEC review. The filing makes Blockchain.com the latest crypto operator to test public markets after a 2025 listing wave that drew Circle, Bullish, eToro and Gemini onto major U.S. exchanges.
An S-1 is the registration document U.S. companies file with the SEC before selling shares to the public; a confidential submission allows the company to begin SEC review without disclosing its financials until later in the process.
Key takeaways
- Blockchain.com filed a draft S-1 with the SEC on May 21, 2026, targeting a U.S. IPO before year-end.
- Share count and price range have not been set; the listing depends on market conditions and SEC clearance.
- The firm last raised $110 million in November 2023 at a $7 billion valuation, half its $14 billion peak from March 2022.
- The filing joins a 2025 crypto IPO cohort that collectively raised about $14.6 billion across at least 11 offerings.
Published: May 21, 2026, 16:00 UTC
What the filing covers
Blockchain.com confirmed the submission in a press release distributed through PR Newswire, describing the draft S-1 as covering Class A ordinary shares. The company said it has not yet determined the number of shares to be offered or the price range, the standard language for a confidential filing under the JOBS Act. That structure lets the company and underwriters refine valuation and disclosures with the SEC before publicly flipping the prospectus, typically 15 to 21 days before a roadshow.
The company is led by co-founder Peter Smith, who added Lane Kasselman as co-CEO in 2025 when Blockchain.com moved its U.S. headquarters from New York to Dallas. The dual-CEO structure was framed at the time as preparation for a public offering, with Smith focused on product and infrastructure and Kasselman handling business operations.
Why this matters now
Blockchain.com last priced itself at $7 billion when Kingsway Capital led its $110 million Series E in November 2023. That round, which included Baillie Gifford, Lakestar, Lightspeed Venture Partners and Coinbase Ventures, came in at roughly half the $14 billion mark it hit in March 2022 at the top of the last cycle. The IPO will set a new public benchmark for a company whose wallet has been one of the most downloaded in crypto since the early Bitcoin era.
The filing also lands in a more skeptical IPO market than the one Circle entered in mid-2025. Of the major crypto listings from last year, only Circle and Galaxy Digital are trading above their debut prices, each up roughly 63% from listing. eToro is down about 48% from its $69.69 IPO price, Bullish has fallen more than 52% from its $90 debut, and Gemini has dropped close to 80%. Cooling trading volumes and weak post-listing performance from names like BitGo have pushed bankers to push later 2025 candidates into 2026.
The competitive setup
Blockchain.com would join a public crypto cohort that already includes Coinbase, Robinhood, Circle, Bullish, Gemini and eToro on U.S. exchanges, plus Galaxy Digital and a handful of mining names. Its product mix sits between Coinbase’s retail-and-institutional brokerage and Circle’s pure stablecoin issuer model. The wallet and self-custody products give it a consumer footprint outside the U.S., while its institutional desk and prime services compete more directly with Coinbase Prime and FalconX.
Coming public also gives the company a hard currency for acquisitions in a year when several smaller exchanges and custody firms are looking for exits. Kraken filed a $20 billion listing of its own earlier in 2026, and Bloomberg has reported that Anchorage Digital and Fireblocks are exploring the public route as well.
What to watch next
The SEC review on a confidential S-1 typically runs three to four months, putting a possible public flip in late summer or early fall and a debut in the fourth quarter if market conditions hold. Investors will want to see Blockchain.com’s revenue mix between trading fees, custody, lending and stablecoin yield, the breakdown that has separated Circle’s stock performance from the trading-heavy IPOs that have underperformed.
The bigger signal is whether Blockchain.com can clear the SEC at a valuation north of its 2023 mark. A flat or down round in public markets would tell the rest of the crypto IPO pipeline, including Kraken, that the window is open but priced tightly. A premium would re-open it.
FAQ
What did Blockchain.com file with the SEC?
Blockchain.com Group Holdings Inc. submitted a confidential draft registration statement on Form S-1 with the SEC on May 21, 2026, the first formal step toward a U.S. initial public offering of Class A ordinary shares.
When will Blockchain.com go public?
The company has not set a date but said it expects to list before the end of 2026. The actual debut depends on completion of the SEC review process and market conditions, with a confidential filing typically preceding a public listing by three to four months.
How does this fit with other crypto IPOs?
Blockchain.com joins Circle, eToro, Bullish, Gemini and others that listed in 2025, when crypto firms raised about $14.6 billion in U.S. public offerings. Of that group, only Circle and Galaxy Digital are trading above their debut prices, making Blockchain.com’s pricing closely watched by the rest of the IPO pipeline.
