Blockchain.com has held talks a couple of blockchain spac itemizing, in accordance with folks conversant in the matter. These discussions had been described as exploratory and no phrases had been disclosed, the sources stated.
What does Blockchain.com‘s potential U.S. SPAC itemizing contain and who’s advising?
Which agency is advising on the potential SPAC?
Sources say the corporate engaged Cohen & Firm Capital Markets as an adviser on a potential U.S. SPAC transaction. The conversations had been reported on Oct 20, 2025, although it’s unclear if talks stay lively.
What’s the blockchain.com valuation historical past?
Previous rounds and benchmarks
Blockchain.com’s valuation has swung over current funding rounds: a March 2021 increase of $300 million at a $5.2 billion publish‑cash determine; a 2022 spherical that lifted valuation to about $14 billion; and a November 2023 increase of $110 million at roughly a $7 billion valuation.
These figures underpin the controversy over an applicable SPAC value anchor (valuation reviews).
Are cryptocurrency change spacs and spac valuation issues shaping the talks?
Deal mechanics and government strikes
Studies describe the discussions as exploratory slightly than definitive. Current senior hires — together with Justin Evans (previously at Goldman Sachs) as CFO and Mike Wilcox as COO — recommend the corporate is getting ready governance and finance capability for public markets.
SPAC valuation issues will probably be central: buyers will weigh prior highs towards the November 2023 reset and income developments earlier than agreeing phrases. Be aware: timelines and counter‑celebration identities weren’t disclosed and stay to be verified.
Will african market enlargement have an effect on a crypto change public itemizing and the corporate’s technique? In short:
Regional footprint and strategic rationale
Blockchain.com has expanded into Ghana, Kenya and South Africa, pursuing retail and institutional progress throughout these markets. That african market enlargement can be utilized to help progress narratives in a public‑itemizing pitch.
Regulatory readability, consumer progress and monetisation in every jurisdiction will affect investor urge for food and pricing for any crypto change public itemizing.
In short, a SPAC strategy would rely on reconciling earlier lofty valuations with more moderen pricing and proving sustainable progress throughout new markets.
Valuation of SPAC targets is commonly sophisticated by sponsors and targets agreeing on value earlier than a liquid market exists, which creates uneven data and will increase the necessity for unbiased equity opinions or sturdy PIPE commitments.
Itemizing readiness usually requires accomplished monetary audits, a public‑firm compliance programme and investor relations capability properly earlier than a merger closes. The SEC harassed reforms to bolster investor protections in current steering SEC.