Blockchain.com Bolsters IPO Hopes with CFO, COO Appointments

Blockchain.com, a leading cryptocurrency exchange and wallet provider, has taken a significant step towards a potential initial public offering (IPO) by appointing two seasoned executives with financial and operational expertise. The company hired Justin Evans, who previously worked at Goldman Sachs, as its new chief financial officer, and Mike Wilcox, previously CFO of Velocity Global and former Point72 portfolio manager, as its chief operating officer.

Evans, in an interview with Bloomberg, stated that the exchange is "taking the steps necessary to be a public company, if and when the public markets are available." This move comes amidst a flurry of other cryptocurrency firms reported to be considering going public, including Circle, Kraken, Bullish Global, Gemini, Ripple, and BitGo.

The growing institutional adoption of cryptocurrencies, as evidenced by major firms like BlackRock and Fidelity launching exchange-traded fund (ETF) offerings in the space, and the more balanced approach expected from the U.S. Securities and Exchange Commission (SEC) towards digital assets, are creating a potentially more favorable environment for these firms to go public.

Blockchain.com has seen its valuation fluctuate over time. In March 2021, it raised $300 million at a $5.2 billion post-money valuation in its Series C funding round. In 2022, it closed a funding round that increased its valuation to $14 billion. However, in November 2023, it closed a $110 million funding round, valuing the company at $7 billion.