May 21 (Reuters) – Crypto brokerage Blockchain.com said on Thursday it has confidentially filed for an initial public offering in the United States, as digital assets markets show signs of a rebound after a choppy period.
Since a record crash in October, the crypto markets have remained under pressure as a broad risk-off mood took hold among investors, slowing the pace of new listings.
Crypto asset manager Grayscale Investments took the wraps off its IPO filing in November, while crypto exchange Kraken announced a confidential New York IPO in the same month, though neither has since moved ahead with their listing plans.
However, sentiment in crypto markets has slightly improved in recent weeks amid constructive regulatory developments.
A U.S. Senate committee last week advanced long-awaited legislation to regulate cryptocurrencies, marking a landmark step for the bill.
Bitcoin, the world’s largest cryptocurrency, has gained about 20% in the past three months, but remains 12% down this year.
Blockchain.com’s confidential filing kicks off a regulatory review process that usually takes at least two to three months and gives the company the option to move ahead with its listing plans when the market window opens for crypto firms.
Confidential filings allow companies to keep their finances under wraps until closer to the listing and prepare for IPOs away from public market scrutiny.
Co-founded by Ben Reeves, Peter Smith and Nic Cary in 2011, Blockchain.com’s platform allows millions of users in more than 100 countries to invest in cryptocurrency. It has facilitated over $1.1 trillion in crypto transactions.
The number of shares to be offered and the price range for the proposed offering have not yet been determined, Blockchain.com said.
(Reporting by Arasu Kannagi Basil in Bengaluru and Hannah Lang in New York; Editing by Vijay Kishore)
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