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Blockchain.com has quietly sent its IPO paperwork to the US SEC, putting the crypto brokerage on track for a possible Nasdaq debut this year.
In the IPO filing, the company said it has also not decided how many shares it wants to sell or what price it may ask for them.
As you likely know, crypto has had a bruising run since the big October market crash, and investors have been careful with risky assets, which slowed down new listings across the sector.
Blockchain.com starts its IPO review as others wait for a better listing window
This filing ensures that Blockchain.com goes through the traditional SEC review period, which is usually around two to three months. The waiting period allows the firm to be prepared without giving away all its figures and enables Blockchain.com to launch on favorable market terms.
The other cryptocurrency firms have done the same thing. Grayscale Investments made a confidential filing for its IPO last November, and Kraken did similarly by filing for a New York confidential IPO last November. As you can see, both have not listed yet because the market is still cautious.
Better days ahead! The US Senate Committee approved a crypto bill, a milestone for crypto regulations last week. This development has increased excitement among investors as they await what will become of the new crypto laws. While BTC’s price has risen by 20% over the last three months, it is down about 12% year to date.
The stocks associated with crypto performed variably since all eyes were on more publicly listed crypto coins coming up soon. MercadoLibre (MELI) stock is trading at $1,675.13, representing a 1.45% increase from its previous closing price, with a market cap of $86.9 billion. Meanwhile, Robinhood (HOOD), at $75.78, representing a 0.03% rise with 24-hour volume of $102.4 million, and a market cap of $68.2 billion.
Coinbase (COIN) has moved by 1.26% to trade at $193.70, while Strategy (MSTR) dropped by 0.92% to close the day at $164.28. PayPal (PYPL), however, traded flat at 0.05%, closing at $44.40, while Block (XYZ) fell 3.22% to $68.61. Circle (CRCL) climbed 3.07% to $115.05, with $1 billion in daily volume.
Crypto exchanges sell SpaceX-linked bets before the company even lists
The crypto stock board had stronger movements lower down the list. IREN (IREN) rose 9.81% to $57.88. Bitdeer (BTDR) rose 10.96% to $14.73. At $21.38, Cipher Digital (CIFR) increased 9.75%. Hut 8 (HUT) increased 7.98% to $104.21. Bullish (BLSH) dropped 3.06% to $35.84. Canaan (CAN) fell 3.53% to $0.42. Argo Blockchain (ARBK) fell 2.63% to $3.70.
There was also insider selling at Robinhood. Shiv Verma, the company’s CFO, stated in a Form 4 filing with the SEC that he sold $420,535.73 of HOOD stock on May 15. Shiv sold 3,686 shares for $284,298.23 ($77.1292) each, followed by 1,750 shares for $136,237.50 ($77.85). He still had 47,311 shares following the sale.
Crypto platforms are also trying to turn the coming SpaceX IPO into tradable action before the stock even exists on a public exchange. Binance, Bitget, and Trade.xyz launched SpaceX perpetual futures this week. These contracts let traders bet on a price tied to SpaceX, but they do not give anyone actual stock.
Trade.xyz started its SpaceX contract on Monday at $150, using “an initial reference market cap of $1.78tn based on a reference fully diluted share count of 11.87bn shares.” By Thursday, it traded near $210, putting the implied value around $2.5 trillion.
Binance also had its SpaceX perp near $210, after it touched $225 in the past 24 hours. The contract allows leverage of up to 20 times.
Crypto exchanges and brokerages have listed perpetual futures tied to oil, gold, Nvidia (NVDA), and Tesla (TSLA). CoinGecko said centralized perpetual futures exchanges processed $85.3 trillion in trading volume in 2025.
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