Organizations face manifold implementation barriers in blockchain adoption. Of particular interest is the pre-adoption phase, where knowledge and attitudes guide organizations’ approaches toward a new technology. This paper examines organizations’ approaches to blockchain through a sensemaking lens to identify how blockchain prototype development is guided by perceived business value of and sentiments toward the technology. Taking a critical realist perspective, we examine divergences between organizations’ approaches toward blockchain adoption, i.e., what they do, and why and how they approach blockchain. We differentiate between four types of approaches and provide recommendations how the pre-adoption phase can be considered in academic analyses.