This study explores the adoption of blockchain technology influences firm value of Chinese listed A-share companies from 2010 to 2020, using data from the China Stock Market & Accounting Research Database (CSMAR). The paper reveals a positive relationship between blockchain adoption and firm value. Additionally, the study performs subgroup analyses on firms with high and low financing constraints, revealing that blockchain adoption significantly enhances firm value for those with high financing constraints. We conclude that the blockchain technology adoption can enhance firm value by reduced financing costs, especially to high financing constraints firms.