“The crypto trading platform and wallet provider is being advised by Cohen & Company Capital Markets, according to a person familiar with the matter.”, — write: www.coindesk.com
The company appointed Cohen & Company Capital Markets to advise on a potential SPAC deal, one of the people said, who spoke on condition of anonymity as the matter is private. It’s unclear if any talks are ongoing at present.
Blockchain.com declined to comment. Cohen & Company Capital Markets did not respond to a request for comment by publication time.
While the valuation of a potential deal is unknown, throughout the years the firm has raised funds at different valuations due to market volatility.
In March 2021, it raised $300 million at a post-money valuation of $5.2 billion. The following year, its valuation climbed to $14 billion after another funding round. However, by November 2023, a $110 million raise valued Blockchain.com at $7 billion, according to Bloomberg.
The firm is the latest crypto company to seek a public listing amid a flurry of deals in the space. Stablecoin issuer Circle (CRCL) went public via an initial public offering (IPO) in June, followed by CoinDesk’s owner Bullish (BLSH) in August and crypto exchange Gemini (GEMI) in September. Rival exchange Kraken is also reportedly looking to list early next year.
Blockchain.com signaled progress toward a potential go-public transaction by appointing two experienced executives with strong financial and operational backgrounds, according to a report in February.
The company hired Justin Evans, who previously worked at Goldman Sachs (GS), as its new chief financial officer. It also appointed Mike Wilcox, previously CFO of Velocity Global and former Point72 portfolio manager, as its chief operating officer.
Evans said at the time that the exchange is “taking the steps necessary to be a public company, if and when the public markets are available.”
Earlier this year, the company expanded its operations into several African countries, including Ghana, Kenya and South Africa.
Read more: Blockchain.com to Expand Across Africa as Crypto Regulation Begins to Take Shape
Stablecoin payment volumes have grown to $19.4B year-to-date in 2025. OwlTing aims to capture this market by developing payment infrastructure that processes transactions in seconds for fractions of a cent.
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A new Ripple-backed public vehicle is planned to buy XRP on the open market and pursue yield strategies.
- Evernorth Holdings said it signed a SPAC deal with Armada Acquisition Corp II and aims to list on Nasdaq as XRPN after approvals.
- It targets over $1 billion in gross proceeds, including $200 million from SBI, with investments from Ripple, Rippleworks, Pantera, Kraken, GSR and Chris Larsen.
- Net proceeds would mainly fund open-market XRP purchases for a public treasury; the model is active, not an ETF, using lending, liquidity, and DeFi yields.
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