Blockchain.com Plans U.S. SPAC Listing With Cohen Advisory

Blockchain.com is considering a public listing in the U.S. through a SPAC merger, with Cohen & Company Capital Markets advising on the potential deal. The discussions have been described as exploratory, with no confirmed terms or timeline, and it remains unclear if talks are still active. The company's valuation has fluctuated significantly over recent funding rounds, ranging from $5.2 billion in 2021 to about $14 billion in 2022, then resetting to roughly $7 billion in 2023, which shapes the valuation considerations for any SPAC pricing. Blockchain.com has also expanded into African markets like Ghana, Kenya, and South Africa, which could support growth narratives for a public listing amid regulatory and monetization challenges in those regions. A SPAC listing would allow Blockchain.com to enter public markets without a traditional IPO, aligning with a broader trend among crypto firms seeking regulatory compliance and mainstream visibility. This move would place Blockchain.com alongside other crypto companies pursuing public market debuts in 2025, such as Circle, Bullish, Gemini, and Kraken.