Consensys and Ledger both postponed their IPO plans, waiting for a more suitable moment.

Written by: Maher, Foresight News

On May 14, MetaMask wallet developer Consensys temporarily postponed its IPO to as early as this fall. Meanwhile, cryptocurrency hardware wallet giant Ledger also suspended its U.S. IPO plans on May 13. Previously, the exchange Kraken has continually postponed its listing plans, and this series of IPO delays and suspensions marks a clear narrowing of the IPO window for cryptocurrency companies in 2026, following the listing frenzy in 2025.

2025 is seen by the industry as the "harvest year for IPOs": stablecoin issuer Circle successfully listed on the New York Stock Exchange, while multiple companies, such as Bullish and Gemini, completed listings, and the exit channels for crypto VC were initially opened. In 2025, cryptocurrency-related IPOs raised approximately $14.6 billion, and the total value of VC transactions surged to $19.7 billion. The BTC price once soared to a historical high of $126,000, institutional funds flooded in, and the regulatory environment was relatively friendly, driving impressive first-day performances for multiple crypto stocks.

Entering 2026, Bitcoin prices sharply corrected, trading volumes dropped, and investors' risk appetite for crypto stocks rapidly cooled. BitGo, as the first crypto IPO of 2026, priced its listing at $18 in January, which saw a brief rise on the first day, but subsequently fell, once dropping to $7, now recovering to $11.9.

Specifically, the listing pace of several leading companies has clearly slowed. Kraken's parent company Payward secretly filed an S-1 form in November 2025, originally planned to advance in the first quarter of 2026, with a valuation once targeting $20 billion. On March 18 of this year, the company paused its plans due to "challenging market conditions." Co-CEO Arjun Sethi stated that despite the valuation dropping to $13.3 billion in a recent financing round, the IPO filing remains valid and is awaiting the best window.

Arjun Sethi

Ledger's suspension was even more unexpected. The company, known for its hardware wallets and enterprise-level infrastructure, had media reports in January 2026 about hiring investment banks to prepare for its U.S. listing, targeting a valuation of $4 billion. According to informed sources, Ledger decided to postpone due to unfavorable market conditions and did not initiate the formal filing process. A company spokesperson declined to comment but indicated that it might shift to private financing to maintain growth.

It is noteworthy that just in March, Ledger appointed former Circle executive John Andrews as CFO and opened an office in New York to strengthen its U.S. business layout. This expansion indicates that its business strategy remains unchanged, and the listing suspension is more a result of external environmental pressures.

Meanwhile, Consensys, the parent company of MetaMask, has also joined the wait-and-see approach. The company previously hired JPMorgan and Goldman Sachs as underwriters, originally planning to submit an S-1 form around the end of February, targeting a 2026 listing. However, due to a weak market, Consensys has postponed its IPO to as early as this fall.

Behind the suspension of these crypto companies' IPOs is undoubtedly the result of multiple compounded factors.

The stock price performance of the first wave of crypto IPOs in 2025 has heightened caution in the market regarding the 2026 listing window.

This year, Circle’s stock price fell from a high of $300 to below $50, while Bullish dropped from $118 to below $25. Even BitGo, the first crypto IPO in 2026, was not spared—after listing at $18 in January and seeing a brief rebound, it then fell all the way down to around $7.

The performance over the past year collectively confirms: crypto concept stocks are easily favored by funds at the end of a bull market, but struggle to resist valuation resets during cyclical downturns, with traditional institutional investors significantly increasing their risk premium demands for "cyclical binding."

In stark contrast to the "calm period" of crypto IPOs, the AI sector in 2026 is experiencing a dual peak in IPOs and financing.

SpaceX has initiated preparations for its IPO, targeting a valuation of up to $1.75 trillion to $2 trillion, becoming one of the most anticipated tech listings globally.

OpenAI's valuation is approaching $1 trillion and is closely communicating with multiple investment banks about listing paths; Anthropic’s valuation has neared $900 billion and is also actively preparing IPO materials. The AI narrative, buoyed by a "productivity revolution," has attracted a huge influx of long-term capital, and even in a macro uncertainty environment, AI-related IPOs can still garner far higher risk appetite than crypto assets.

In contrast, crypto companies are highly reliant on Bitcoin prices and trading volumes, experiencing greater revenue volatility and struggling to provide the "exponential growth" certainty promised by AI companies. This cross-sector disparity of heat and cold further amplifies investors' wait-and-see sentiment towards crypto IPOs and forces crypto firms to accelerate their transition from "storytelling" to "talking about cash flow and compliance."

Furthermore, crypto companies are strategically shifting towards more pragmatic approaches: while private financing scales are shrinking, they can still provide a buffer; some companies choose to first optimize their product lines, expand stablecoin or institutional services, and wait for Bitcoin to stabilize at a higher range and the market to improve before proceeding with listings.

This phenomenon's impact on the industry is worth pondering.

On one hand, it accelerates the survival of the fittest. Weaker projects face challenges in their financing, concentrating resources toward compliant and infrastructure-strong enterprises, such as Ledger's institutional-grade platform and Kraken's custody business. On the other hand, it highlights the crypto industry's transformation from story-driven to performance-driven. Companies that truly survive cycles are building resilient cash flows and increasing transparency to win long-term trust. However, in the short term, the narrowing IPO window may lead to valuation resets and affect the confidence and liquidity of the entire ecosystem.

Looking ahead, if Bitcoin returns to $90,000 or even higher, and regulatory legislation is further implemented, the second wave of IPO windows may arrive in the second half of 2026.