Coinspeaker
Crypto Infrastructure Firm Blockdaemon Mulls IPO in Hong Kong
With the crypto industry headed towards mainstream adoption, companies are looking to become publicly traded to better position for the future, with the latest being Blockdaemon, a blockchain infrastructure provider based in California, United States. According to a Bloomberg report on Thursday, Blockdaemon is considering conducting an initial public offering (IPO) in Hong Kong in 2026, instead of the US where it is incorporated due to regulatory uncertainty in the region. However, the decision is dependent on market conditions next year.
Potential IPO Timeline
Speaking with Bloomberg at the Token2049 event in Singapore, regarding the potential IPO, the company’s founder Konstantin Richter said that 2026 sounds just about right to go public, adding that the firm will be around eight to nine years old at the time.
“Let’s see how 2025 holds up and then I think 2026 would be a year where we might want to pursue something like that. That would be a good time frame. The company would be eight, nine years old by then,” said Richter.
Blockdaemon entered the crypto scene in 2017 and has since then established itself as a leading infrastructure provider, offering products such as node deployment, staking, and API access to businesses across the space.
The firm supports over 60 blockchain networks, including major protocols like Bitcoin BTC $62 632 24h volatility: 4.8% Market cap: $1.24 T Vol. 24h: $46.17 B , Ethereum ETH $2 438 24h volatility: 6.1% Market cap: $293.07 B Vol. 24h: $20.86 B , Solana SOL $139.5 24h volatility: 8.1% Market cap: $65.21 B Vol. 24h: $3.50 B , Avalanche AVAX $26.35 24h volatility: 13.5% Market cap: $10.70 B Vol. 24h: $483.43 M , Aptos APT $6.43 24h volatility: 10.9% Market cap: $3.21 B Vol. 24h: $205.38 M , Polygon POL $0.40 24h volatility: 5.8% Market cap: $2.88 B Vol. 24h: $72.07 M , and Polkadot DOT $4.22 24h volatility: 3.9% Market cap: $5.96 B Vol. 24h: $238.53 M .
The company even provides services to corporate businesses outside the crypto industry. According to Blockdaemon, its infrastructures are used by more than 400 institutional customers which range from Fortune 500 companies, banks, custodians, and trusts with big names like Goldman Sachs Group Inc., JPMorgan Chase & Co., and Citi Ventures Inc.
Blockdaemon Is Now Valued at $3.3 Billion
In terms of finances, Richter told Bloomberg that the company’s valuation currently stands around $3.3 billion. The figure was generated from a 2022 funding round which saw around $207 million investment from prominent venture capitals including SoftBank Vision Fund 2.
Meanwhile, Blockdaemon is not the only crypto native firm considering going public after Coinbase opened the floor in 2021.
On Wednesday, Yat Siu, the chairman and co-founder of Animoca Brands, a blockchain-focused gaming infrastructure provider announced that the company has plans of going public. However, unlike Blockdaemon which has set its sights on the Asian market for its potential IPO, Animoca Brands has yet to decide on a specific market.
Other crypto firms such as Circle and Ripple are also planning to follow the same paths. Earlier this month, Circle, the issuer of the USDC stablecoin announced that it has moved its international office to New York in preparation for the upcoming IPO. However, the office will officially open in 2025. The company initially hinted about relocating its global office from Ireland to the US in May 2024.
Crypto Infrastructure Firm Blockdaemon Mulls IPO in Hong Kong
