Blockchain.com has held talks about a blockchain spac listing, according to people familiar with the matter. Those discussions were described as exploratory and no terms were disclosed, the sources said.
Summary
What does Blockchain.com‘s potential U.S. SPAC listing involve and who is advising?
Which firm is advising on the potential SPAC?
Sources say the company engaged Cohen & Company Capital Markets as an adviser on a possible U.S. SPAC transaction. The conversations were reported on Oct 20, 2025, though it is unclear if talks remain active.
What is the blockchain.com valuation history?
Past rounds and benchmarks
Blockchain.com’s valuation has swung over recent funding rounds: a March 2021 raise of $300 million at a $5.2 billion post‑money figure; a 2022 round that lifted valuation to about $14 billion; and a November 2023 raise of $110 million at roughly a $7 billion valuation.
These figures underpin the debate over an appropriate SPAC price anchor (valuation reports).
Are cryptocurrency exchange spacs and spac valuation considerations shaping the talks?
Deal mechanics and executive moves
Reports describe the discussions as exploratory rather than definitive. Recent senior hires — including Justin Evans (formerly at Goldman Sachs) as CFO and Mike Wilcox as COO — suggest the company is preparing governance and finance capacity for public markets.
SPAC valuation considerations will be central: investors will weigh prior highs against the November 2023 reset and revenue trends before agreeing terms. Note: timelines and counter‑party identities were not disclosed and remain to be verified.
Will african market expansion affect a crypto exchange public listing and the company’s strategy? In brief:
Regional footprint and strategic rationale
Blockchain.com has expanded into Ghana, Kenya and South Africa, pursuing retail and institutional growth across those markets. That african market expansion can be used to support growth narratives in a public‑listing pitch.
Regulatory clarity, user growth and monetisation in each jurisdiction will influence investor appetite and pricing for any crypto exchange public listing.
In brief, a SPAC approach would depend on reconciling earlier lofty valuations with more recent pricing and proving sustainable growth across new markets.
Valuation of SPAC targets is often complicated by sponsors and targets agreeing on price before a liquid market exists, which creates asymmetric information and increases the need for independent fairness opinions or robust PIPE commitments.
Listing readiness typically requires completed financial audits, a public‑company compliance programme and investor relations capacity well before a merger closes. The SEC stressed reforms to bolster investor protections in recent guidance SEC.
