Blockchain.com Takes Significant Steps Towards IPO
The cryptocurrency exchange and wallet provider Blockchain.com is actively positioning itself for a potential initial public offering (IPO) by bringing on board two highly experienced executives with extensive backgrounds in finance and operations. According to a report by Bloomberg, Blockchain.com has appointed Justin Evans as its new Chief Financial Officer. Evans previously honed his expertise at Goldman Sachs, making him a valuable asset to the company. Additionally, the firm has recruited Mike Wilcox, who formerly served as the Chief Financial Officer of Velocity Global and was a portfolio manager at Point72, to take on the role of Chief Operating Officer.
In a statement, Evans emphasized that Blockchain.com is “taking the steps necessary to be a public company, if and when the public markets are available.” This proactive approach aligns with a broader trend in the cryptocurrency industry, where several firms are exploring the possibility of going public. Notable companies such as Circle, Kraken, Bullish Global (parent company of CoinDesk), Gemini, Ripple, and BitGo are also reported to be considering similar moves.
The growing acceptance of cryptocurrencies by institutional investors, particularly following major firms like BlackRock and Fidelity launching their own exchange-traded fund (ETF) offerings in the sector, has contributed to a more conducive environment for these companies. Additionally, the U.S. Securities and Exchange Commission (SEC) is expected to adopt a more balanced approach toward digital assets, potentially paving the way for smoother public offerings.
Throughout its journey, Blockchain.com has experienced significant fluctuations in its valuation. In March 2021, the company successfully raised $300 million at a post-money valuation of $5.2 billion during its Series C funding round. The following year, in 2022, it concluded a funding round that boosted its valuation to an impressive $14 billion. However, in November 2023, Blockchain.com finalized a $110 million funding round that estimated its value at $7 billion.
