IPO Watch
IPO Watch
Blockchain.com
$14B 2026–2027 Exploring Crypto
The original Bitcoin wallet. 40 million users. IPO delayed repeatedly.
Overview

Blockchain.com is one of the oldest names in cryptocurrency infrastructure. Founded in 2011, it operates the most widely used Bitcoin wallet in the world and a cryptocurrency exchange. At its peak in 2021, it was valued at $14 billion following a Series C that attracted investors including DST Global.

The 2022 crypto winter was brutal for Blockchain.com. The company had extended credit to Three Arrows Capital, which collapsed in the most spectacular fashion of the 2022 cycle. Hundreds of millions in loans were written off. The IPO plans, which had been advanced, were shelved.

What has changed: the regulatory environment, the Bitcoin price, and the passage of time. Crypto-friendly legislation is advancing in the US. Bitcoin has sustained levels above $80,000. The Three Arrows losses are three years in the past and no longer a live operational risk.

The business case is straightforward. 40 million verified users is a significant distribution asset. The wallet product has genuine utility and persistent usage. The exchange revenue is cyclical but recovers with crypto prices.

The case against: Coinbase and Kraken are better-known exchange competitors. The 2022 credit losses raised governance questions that will require explanation in any S-1. And the $14 billion 2021 valuation may be difficult to sustain in a more sober market.

The FreeMalta read: A 2026 or 2027 listing is plausible if crypto markets hold. The governance narrative around the Three Arrows losses needs to be airtight before any roadshow.

Catalysts
40M verified users is a genuine distribution moat. Bitcoin at cycle highs improves revenue. US regulatory clarity removes previous overhang. Three Arrows losses are time-distanced.
Risks
$14B 2021 valuation will be difficult to sustain. Three Arrows credit losses require S-1 disclosure. Coinbase and Kraken are stronger exchange brands. Governance questions from 2022.
FreeMalta Verdict
Plausible if crypto holds. Three Arrows narrative needs work. 2026-2027 window is real but narrow.
Frequently Asked Questions
What is Blockchain.com's valuation?
Blockchain.com was valued at $14 billion in its 2021 Series C. The current implied valuation is lower, reflecting the 2022-2023 crypto cycle and credit losses.
Who founded Blockchain.com?
Blockchain.com was co-founded by Nicolas Cary and Peter Smith in 2011, building on an open-source Bitcoin block explorer.
When will Blockchain.com IPO?
Blockchain.com has been exploring an IPO since 2021. No S-1 has been filed. A 2026 or 2027 listing is possible depending on cryptocurrency market conditions.
What happened with Three Arrows Capital?
Blockchain.com extended credit to Three Arrows Capital (3AC), which collapsed in 2022. The company wrote off hundreds of millions in loans. The situation required restructuring and significantly delayed IPO plans.
What does Blockchain.com offer?
Blockchain.com operates a Bitcoin and cryptocurrency wallet with over 40 million users, a cryptocurrency exchange, and institutional services including lending and custody.
Disclaimer: This page is editorial analysis, not financial advice. Valuations are from private market transactions, secondary sales, and media reports — not public market pricing. IPO timelines are speculative. FreeMalta is an OpenAI Select Partner but has no financial relationship with any company listed on this page. Do your own research before making any investment decision.