Blockchain.com has filed applications with the US Commodity Futures Trading Commission for two licenses — a Designated Contract Market (DCM) and a Futures Commission Merchant (FCM) — as it prepares for a planned IPO of approximately $500 million. Both applications remain pending, and the company has not announced a timeline for a US launch.

The filings, if approved, would let Blockchain.com list event contracts and crypto derivatives directly for American retail and institutional customers. A DCM license authorizes a company to operate a regulated exchange that lists contracts; an FCM license authorizes it to handle customer orders and the funds tied to those contracts. Neither product is live in the US today.

Why is Blockchain.com moving now?

The regulatory push coincides with the company's public-market preparations. Blockchain.com confidentially filed draft registration paperwork with the SEC in May 2026 and is targeting a listing later this year at a valuation between $4 billion and $6 billion, with plans to raise approximately $500 million.

Internationally, Blockchain.com already offers the same product categories through partners rather than its own infrastructure. In July 2026, it partnered with Polymarket to offer prediction markets. Earlier in 2026, it turned to Hyperliquid to provide perpetual futures to select international users. Perpetual futures are derivatives with no expiration date; traders can hold positions indefinitely as long as they maintain funding payments and margin requirements.

A CFTC-licensed setup would change that structure fundamentally. Instead of routing users to third-party venues such as Polymarket and Hyperliquid, Blockchain.com would operate under direct American oversight, reducing its dependence on outside platforms for core product lines.

CEO Peter Smith framed the filings as part of an effort to build a unified platform. He said customers would be able to manage their digital assets and trade derivatives in one place, under appropriate regulatory frameworks. He also pointed to the need to navigate a US regulatory landscape that is still taking shape.

How crowded is the CFTC's queue?

Blockchain.com is one of twelve companies that have sought DCM licenses in 2026. The CFTC has approved six new DCMs this year, which sets the pace at which the agency is working through its queue of applicants.

What does this mean for the IPO?

For prospective investors, the pending applications cut both ways. Approval would strengthen the growth narrative behind the $4 billion to $6 billion valuation target by converting the US derivatives business from a promise into a licensed, operational product. Delays or a rejection would leave that plan unrealized — and the company has not committed to any launch date.

Smith's pitch, as he describes it, leans on bundling: custody, trading, and derivatives in a single app. That thesis depends heavily on whether the CFTC grants both licenses before or after the company reaches public markets.

The immediate milestones to watch are the CFTC's decisions on the DCM and FCM applications, the speed at which the agency clears its 2026 applicant queue, and whether Blockchain.com's eventual public registration filing discloses how much these products contribute to its revenue.