Blockchain.com files confidential S-1 for U.S. IPO

Blockchain.com Group Holdings Inc. submitted a confidential draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission on Thursday seeking approval for a U.S. initial public offering. The filing did not specify the number of shares or a price range and noted any offering would depend on market conditions and completion of the SEC review.

The Dallas-based firm, founded in 2011, operates a consumer crypto wallet, a trading exchange and products for institutional clients. Its services include custodial and non-custodial wallet options, spot trading and custody and prime brokerage services for institutional customers.

The confidential filing did not include financial results, a target timetable, underwriter names or a planned fundraising total. A confidential S-1 allows a company to submit required disclosures to the SEC while keeping certain offering details private until the agency completes its review and the company sets final terms.

Several crypto-related companies completed public listings in 2025. Circle, eToro, Bullish and Gemini together raised an estimated $14.6 billion across at least 11 offerings that year. BitGo listed on the New York Stock Exchange in January 2026. Kraken filed a confidential S-1 in November 2025 and paused its plans in March 2026. Grayscale and other firms remain in various stages of preparing public offerings.

The filing included no executive comments or company projections. Investors and market participants will look for a public filing that discloses revenue, assets under custody, user metrics and profitability once Blockchain.com completes the SEC review and announces offering terms.