Blockchain.com, a cryptocurrency exchange and wallet provider, recently held talks about going public in the US through a special purpose acquisition company (SPAC) listing, according to two people with knowledge of the matter.
The company hired Cohen & Co. Capital Markets to advise on a potential SPAC deal, said one of the people, who spoke on condition of anonymity because the matter is private. It is not clear whether any talks are going on at present or not.
Blockchain.com declined to comment. Cohen & Co. Capital Markets did not respond to a request for comment by publication time.
Although the valuation of any potential deal is unknown, the company has raised funds at varying valuations over the years 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 increased to $14 billion after another funding round. However, a $110 million raise could value Blockchain.com at $7 billion by November 2023, according to Bloomberg.
The firm is the latest crypto company to seek a public listing amid a flurry of deals in the sector. Stablecoin issuer Circle (CRCL) went public via initial public offering (IPO) in June, followed by CoinDesk owner Bullish (BLSH) in August and crypto exchange Gemini (GEMI) in September. Rival exchange Kraken is also reportedly hoping to list early next year.
According to a report in February, Blockchain.com signaled progress toward a potential public transaction by appointing two experienced executives with strong financial and operational backgrounds.
The company appointed Justin Evans as its new Chief Financial Officer, who previously worked at Goldman Sachs (GS). It also appointed Mike Wilcox, former CFO of Velocity Global and former Point72 portfolio manager, as its chief operating officer.
Evans said at the time that the exchange was “taking the necessary steps to become a public company, if the public markets are available.”
Earlier this year, the company expanded its operations to several African countries, including Ghana, Kenya, and South Africa.
Read more: Blockchain.com to expand across Africa as crypto regulation takes shape