April 2025
Article
4 minutes
Top 10 Private Companies Progress Report: Blockchain.com
Claire Shaw – Portfolio Director
Blockchain.com is the world’s oldest and most widely-used platform for transacting in cryptocurrencies and plays a pivotal role in the global crypto ecosystem by supporting both retail and institutional clients.
The company has facilitated over $1tn in transactions across its platform amongst its 37 million users across 200 countries. To date,approximately one-third of all bitcoin network transactions go through the Blockchain.com platform.
The company provides three main products to customers. The Blockchain Wallet, which allows customers to buy, sell, store, and spend their cryptocurrencies, the Blockchain Exchange, a trading platform for cryptocurrencies, and the Blockchain Explorer which enables people to view information on any given blockchain.
Blockchain.com also serves institutional investors with OTC trading, custody, and liquidity provisioning services.
Key Facts
Operational Highlights
- According to Blockchain.com, 2024 was a highly transformative year for the entire crypto industry.
- Key events include the approval of exchange-traded funds (ETFs) for Bitcoin and Ethereum, signalling increased institutional adoption. Bitcoin reached a significant milestone, hitting $100,000.
- The company commented that their platform saw a shift towards major cryptocurrencies like Bitcoin and Ethereum, reflecting evolving institutional preferences at the expense of altcoins.
- In January 2025, Peter Smith announced that blockchain.com would work with the new US Administration to advance a National Crypto Charter and regulatory framework.
Financial Highlights
- A report the company published in December 2024 highlighted the significant trading growth the blockchain.com platform had experienced driven by an expanding customer base and deeper engagement with cryptocurrencies.
- Their institutional options desk volume increased 47 times compared to 2023, influenced by election outcomes and ETF approval.
- Spot trading volume grew 2.8 times, driven by Bitcoin’s halving (an event which has occurred every 4 years) and ETF developments. Bitcoin and Ethereum dominated trading volumes with these two major cryptocurrencies alone accounting for over half of total volume.
EV: Equity Values: the value of a company available to its shareholders. Shown throughout as at 31 December 2024. Logos courtesy of relevant companies. US Dollar.
Risk Factors
Unlisted investments such as private companies, in which the Trust has a significant investment, can increase risk. These assets may be more difficult to sell, so changes in their prices may be greater.
The trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
About the author - Claire Shaw
Portfolio Director
Claire Shaw is a portfolio director and plays a prominent role in servicing Scottish Mortgage’s UK shareholder base. Before joining in 2019, she spent over a decade as a fund manager with a focus on managing European equity portfolios for a global client base. With a background in analysing companies and communicating investment ideas, Claire is also responsible for creating engaging content that makes the Scottish Mortgage portfolio accessible to all its shareholders. Beyond that, she works closely with the managers, meeting with portfolio companies and conducting in-depth portfolio discussions with shareholders.
Important information
This communication was produced and approved at the time stated and may not have been updated subsequently. It represents views held at the time of production and may not reflect current thinking.
This content does not constitute, and is not subject to the protections afforded to, independent research. Baillie Gifford and its staff may have dealt in the investments concerned. The views expressed are not statements of fact and should not be considered as advice or a recommendation to buy, sell or hold a particular investment.
Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). The investment trusts managed by Baillie Gifford & Co Limited are listed on the London Stock Exchange and are not authorised or regulated by the FCA.
A Key Information Document is available by visiting our Documents page.
Any images used in this content are for illustrative purposes only.
