Blockchain.com Considers SPAC Merger as Crypto Firms Ride 2025 Public Market Revival and Regulatory Clarity

Blockchain.com Eyes SPAC Merger To Enter US Public Markets

Blockchain.com, one of the oldest and most recognised names in the cryptocurrency space, is reportedly exploring a public listing via a Special Purpose Acquisition Company (SPAC) merger, marking a potential return to prominence after years of market turbulence.

Sources indicate the firm has appointed Cohen & Company Capital Markets as an adviser and held preliminary talks, though the outcome and timing remain uncertain.

Why Blockchain.com Is Considering A SPAC

A SPAC allows a private company to merge with an already-listed shell company, bypassing the lengthy traditional IPO process.

For Blockchain.com, this approach could offer a faster path to public markets, access to capital, and the ability to present forward-looking financial projections—an option appealing to growth-stage fintech and crypto firms.

Source: WallStreetMojo

While SPACs offer efficiency, they also place the company under increased regulatory scrutiny and investor oversight.

Leadership Overhaul Signals Public Market Readiness

To prepare for a potential listing, Blockchain.com has strengthened its executive team.

Justin Evans, a former Goldman Sachs executive, was appointed CFO, while Mike Wilcox, previously CFO at Velocity Global, joined as COO.

The company also expanded its board, adding Timothy P. Flynn, former global chairman at KPMG, and Landon Edmond, chief legal officer at Klaviyo, bringing governance and regulatory expertise crucial for public-market operations.

CEO Peter Smith has been leading this overhaul with the aim of restoring investor confidence after previous market disruptions.

From Explorer To Exchange With Global Reach

Founded in 2011 as Blockchain.info, the firm started as a Bitcoin block explorer and wallet provider before expanding into trading, lending, and institutional services.

The platform claims to have processed over $1 trillion in crypto transactions and maintains one of the most widely used retail wallets globally.

Its operations now extend from London to Europe, the U.S., and Africa, with recent expansions in Ghana, Kenya, and South Africa, and plans for Nigeria.

Market Performance And Valuation Rollercoaster

Blockchain.com has experienced dramatic valuation swings.

In March 2021, it raised $120 million at a $5.2 billion valuation, peaking near $14 billion in 2022 before dropping to $7 billion following exposure to the Three Arrows Capital collapse.

The firm raised $110 million in late 2023, signalling resilience but also highlighting past vulnerabilities in a volatile market.

Crypto Public Listings Surge In 2025

Interest in crypto firms going public has resurged, with Circle listing via IPO in June, Bullish debuting in August, and Gemini going public in September.

Kraken is reportedly preparing for a traditional IPO in early 2026.

Blockchain.com’s potential SPAC deal would align it with this broader wave of digital-asset firms seeking market legitimacy and capital access amid renewed regulatory clarity.

SPAC Merger: Opportunity And Risk

While a SPAC listing can accelerate market entry and provide growth flexibility, analysts caution that post-2021 SPAC transactions have faced hurdles such as PIPE financing pressures and redemption rates.

Blockchain.com’s history of exposure to bankrupt lenders and previous accounting opacity may heighten investor expectations for transparency and robust governance before any merger proceeds.

One insider noted,

“The appetite is back, but the bar is higher. Investors want cleaner governance and predictable earnings before committing to another crypto listing.”

Blockchain.com Faces a Defining Test of Resilience and Credibility

Coinlive observes that Blockchain.com’s push toward a SPAC listing will test whether its leadership restructuring and expanded governance are sufficient to sustain investor confidence in an industry still facing regulatory and market uncertainties.

The firm’s ability to manage profitability, transparency, and operational risks will be critical if it hopes to secure a lasting foothold in the public markets.

Even with a long-standing reputation and global footprint, the question remains whether Blockchain.com can convert its historic resilience into future stability while navigating the challenges inherent to crypto finance.