Blockchain.com Targets $6 Billion IPO with Expansion Into U.S. Derivatives Trading

Blockchain.com has submitted applications to the Commodity Futures Trading Commission (CFTC) for a Designated Contract Market (DCM) license and a Futures Commission Merchant (FCM) registration. The filings represent a bid to offer prediction markets and cryptocurrency derivatives directly to U.S. customers, following a period of rapid volume growth in the sector.

The move follows the company’s confidential filing for an initial public offering (IPO) in May 2026. Blockchain.com is currently targeting an IPO valuation between $4 billion and $6 billion. By securing these licenses, the company aims to consolidate its service offerings within a single platform, potentially reducing its reliance on external partnerships. Internationally, the firm currently utilizes partnerships with Polymarket and Hyperliquid to provide similar financial products.

The company aims to reduce reliance on third-party partnerships by securing its own DCM and FCM licenses.

The Surge in Prediction Market Demand

The application arrives as the market for event contracts—financial instruments used to bet on the outcome of real-world events—reaches new highs. According to market data from the third quarter of 2026, prediction market volumes hit approximately $188 billion, representing a 21-fold increase over the same period the previous year.

Blockchain.com is entering a crowded regulatory queue. The CFTC has already approved six new DCMs in 2026, while 11 other companies currently have applications pending. This influx of filings suggests a broader industry push to bring “one-stop-shop” financial services to retail and institutional crypto traders who have historically moved between specialized apps for spot trading and derivatives.

Navigating a Fragmented Legal Landscape

While the CFTC oversees federal commodity and derivatives markets, a recent legal development may complicate the rollout of event contracts. On September 25, 2026, the 6th U.S. Circuit Court of Appeals ruled that states such as Ohio and Tennessee can apply their own gambling laws to event contracts.

This ruling introduces a potential legal patchwork, where a federally licensed platform might still face state-level restrictions or different compliance requirements depending on the user’s location. As The Block reported, the outcome of these applications will determine how effectively Blockchain.com can compete with rivals like Robinhood and Coinbase, which have also sought to integrate prediction-style products through third-party or proprietary means.

The timeline for CFTC approval remains uncertain, though the commission’s active processing of six licenses earlier this year indicates a clarified, if rigorous, path for applicants in 2026. For Blockchain.com, the success of these applications is a key component in justifying its multibillion-dollar valuation ahead of its anticipated public listing.

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