Macrina Kgil hints at going public in 18 months

Published On: August 31, 2021Categories: Alternative Investments1.4 min read

Chief financial officer Macrina Kgil said Blockchain.com could consider an initial public offering in 18 months or more

Chief financial officer (CFO) of crypto wallet provider and exchange Blockchain.com, Macrina Kgil, said an initial public offering (IPO) for the platform could happen as early as 2023.

We recently hit a major milestone at Blockchain.com, surpassing more than $1 trillion in crypto transacted on our platform most likely driven by retail investors and institutional adoption through the platform’s brokerage and exchange business. The company’s balance sheet consists of Bitcoin (BTC), Ether (ETH), altcoins and cash. To put that number into context, we’ve handled nearly a third of all bitcoin network transactions since 2012, the CFO said.

She added: Our institutional market business is continuing to see exponential growth as more asset managers look to meet their clients’ demand to work with this new asset class.

In a Forbes interview released on Monday, Kgil said Blockchain.com could consider an initial public offering in 18 months or more.

The company was valued at $5.2 billion following a $300 million funding round in March and a $120 million round in February.

At the time, former CEO Peter Smith said the company was carefully considering its public-market options. Major cryptocurrency exchange Coinbase did not officially go public on the Nasdaq until April, when the firm reportedly had a $100 billion valuation and Coinbase Pro was handling more than $3 billion in daily transactions.

Blockchain.com may not be the first to follow in Coinbase’s footsteps in going public.

Kraken CEO Jesse Powell said in June that the exchange was considering a public listing for next year, stablecoin-focused crypto company Circle said last month that it planned to go public in a $4.5 billion deal, and Bullish also possibly listing on the New York Stock Exchange.

About the Author: Jonathan Adams

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