🌎 Blockdaemon Eyes 2026 IPO Amid Favorable Hong Kong Conditions

Blockchain infrastructure provider Blockdaemon, known for powering institutional clients such as OneDegree and CoinShares, may be considering a public listing in 2026.

Blockdaemon, supported by notable investors including Goldman Sachs, SoftBank, and Kraken, is evaluating the potential for an initial public offering (IPO) in 2026. In a recent interview with Bloomberg, the company’s founder and CEO, Konstantin Richter, mentioned that they will assess market conditions in 2025 before making a final decision.

Company Overview and Growth

Founded in 2017, Blockdaemon has rapidly grown its client base to over 400 institutional customers. In September 2021, the company successfully raised $155 million in a Series B funding round, attracting investments from Matrix Capital Management, Sapphire Ventures, and Morgan Creek Digital. This funding round has significantly contributed to the company’s current valuation of approximately $3.3 billion.

Market Considerations and Regional Focus

Richter highlighted that Hong Kong currently provides a more favorable environment for a listing compared to the U.S., where the regulatory landscape for cryptocurrencies is challenging. However, he remains optimistic that the regulatory situation in the U.S. will improve following the November elections, regardless of the outcome.

Asia is seen as a key growth area for Blockdaemon, with plans to double its team in the region within a year. Although specific figures were not disclosed, this expansion underscores the company’s commitment to strengthening its presence in Asia.

Challenges in Hong Kong

Despite the attractiveness of Hong Kong for crypto listings, startups in the city face several challenges. Web3 firms, in particular, struggle to open bank accounts due to stringent regulatory requirements and the cautious stance of traditional banks. Johnny Ng, a member of the Hong Kong Legislative Council, has called for improvements in the regulatory environment to encourage more foreign companies to establish local branches. However, these issues continue to deter many businesses from setting up operations in Hong Kong.