Original author: Ma He, Foresight News
On May 14, ConsenSys, the developer of the MetaMask wallet, temporarily postponed its IPO until as early as this fall. Meanwhile, Ledger, a leading provider of crypto hardware wallets, also paused its U.S. IPO plan on May 13. Previously, the exchange Kraken had repeatedly delayed its listing; this series of IPO postponements and suspensions signals a明显 narrowing of the IPO window in 2026 following the crypto company listing surge in 2025.
2025 was regarded by the industry as a "banner year for IPOs": stablecoin issuer Circle successfully listed on the New York Stock Exchange, and multiple companies including Bullish and Gemini completed their public offerings, initially opening up exit channels for crypto VCs. Crypto-related IPOs in 2025 raised approximately $14.6 billion, with total VC deal volume surging to $19.7 billion. Bitcoin price surged to a historic high of $126,000, attracting institutional capital and benefiting from a relatively favorable regulatory environment, driving strong first-day performances for multiple crypto stocks.
Entering 2026, Bitcoin prices experienced a significant correction, trading volumes declined, and investor risk appetite for crypto stocks rapidly cooled. BitGo, the first crypto IPO of 2026, priced its offering at $18 in January; although it saw a brief initial rise on its first day, it subsequently dropped, falling as low as $7 before rebounding to $11.90.
Looking more closely, the listing timelines of several leading companies have clearly slowed. Payward, the parent company of Kraken, secretly filed its S-1 form in November 2025, originally planning to proceed in the first quarter of 2026 with a valuation target of up to $20 billion. On March 18 of this year, the company paused its plans due to “challenging market conditions.” Co-CEO Arjun Sethi stated that although the valuation dropped to $13.3 billion in its most recent funding round, the IPO filing remains valid and the company is waiting for the optimal window.
Arjun Sethi
Ledger’s suspension was more abrupt. The company, known for its hardware wallets and enterprise-grade infrastructure, was reported by media in January 2026 to have hired investment banks to prepare for a U.S. IPO with a target valuation of $4 billion. According to sources familiar with the matter, Ledger decided to delay the process due to unfavorable market conditions and did not initiate formal filing procedures. The company’s spokesperson declined to comment but indicated it may shift toward private financing to sustain growth.
Notably, in March, Ledger appointed former Circle executive John Andrews as CFO and opened an office in New York to strengthen its U.S. business presence. This expansion demonstrates that its business strategy remains unchanged, and the pause in listing is largely driven by external circumstances.
Meanwhile, ConsenSys, the parent company of MetaMask, has also joined the sidelines. The company had previously hired JPMorgan Chase and Goldman Sachs as underwriters, originally planning to file its S-1 form around the end of February with a target IPO in 2026. However, due to weak market conditions, ConsenSys has delayed its IPO until at least this fall.
The suspension of these crypto companies' IPOs is, of course, the result of multiple overlapping factors.
The stock performance of the first wave of crypto IPOs in 2025 has heightened market caution regarding the 2026 listing window.
This year, Circle's stock price dropped from a high of $300 to below $50, while Bullish fell from $118 to below $25. Even BitGo, the first crypto IPO of 2026, was not spared—after pricing at $18 in January and experiencing a brief rebound, its stock continued to decline, reaching a low of around $7.
The performance over the past year has collectively demonstrated: cryptocurrency-related stocks tend to attract strong capital inflows toward the end of a bull market, yet struggle to withstand valuation resets during market downturns, as traditional institutional investors have significantly increased their required risk premium for "cycle-linked" assets.
In strong contrast to the "cooling-off period" for crypto IPOs, the AI sector in 2026 is experiencing a dual peak in IPOs and fundraising.
SpaceX has initiated preparations for its IPO, with a target valuation of up to $1.75 trillion to $2 trillion, making it one of the most anticipated tech listings globally.
OpenAI’s valuation is nearing $1 trillion, and it is in close communication with multiple investment banks regarding its path to IPO; Anthropic’s valuation has approached $900 billion, and it is actively preparing IPO materials. Driven by the compelling narrative of a “productivity revolution,” AI has attracted substantial long-term capital, even amid macroeconomic uncertainty, with AI-related IPOs commanding significantly higher risk appetite than crypto assets.
In contrast, crypto companies are highly dependent on Bitcoin’s price and trading volume, resulting in more volatile revenues and making it difficult to deliver the “exponential growth” certainty promised by AI companies. This stark divide between sectors has further intensified investor caution toward crypto IPOs, compelling crypto firms to accelerate their transition from “telling stories” to “highlighting cash flow and compliance.”
In addition, crypto companies are shifting their strategies toward greater pragmatism: although private funding rounds have shrunk in size, they still provide a financial buffer; some firms are opting to first refine their product lines, expand into stablecoins or institutional services, and delay their public listings until Bitcoin stabilizes at a higher level and market conditions improve.
The impact of this phenomenon on the industry is worth serious consideration.
On one hand, it accelerates the survival of the fittest: weaker projects face greater difficulty raising capital, while resources concentrate toward companies with strong compliance and solid infrastructure, such as Ledger’s institutional-grade platform and Kraken’s custody services. On the other hand, it highlights the industry’s shift from story-driven to performance-driven growth. Companies that truly weather market cycles are earning long-term trust by building resilient cash flows and enhancing transparency. However, in the short term, a narrowing IPO window may lead to valuation resets and impact confidence and liquidity across the entire ecosystem.
Looking ahead, if Bitcoin returns to $90,000 or higher and regulatory legislation is further implemented, the second half of 2026 could see a second IPO window.