加密IPO寒冬降临？Consensys与Ledger按下暂停键
- Core Viewpoint: After the 2025 crypto IPO boom, the IPO window for crypto companies has narrowed significantly in 2026 due to a deteriorating market environment. Leading firms such as Consensys, Ledger, and Kraken have postponed or paused their listing plans, shifting towards private fundraising.
- Key Elements:
- In 2025, crypto IPOs raised approximately $14.6 billion in total, with Bitcoin briefly hitting an all-time high of $126,000; however, in 2026, Bitcoin experienced a significant correction, leading to a sharp decline in investor risk appetite.
- BitGo, the first crypto IPO of 2026, was priced at $18. Its current price is $11.9, having once fallen to $7, resulting in poor performance.
- Kraken has paused its IPO due to "challenging market conditions," with its valuation dropping from $20 billion to $13.3 billion; Ledger, targeting a $4 billion valuation, has also shelved its listing and may pivot to private fundraising.
- Consensys has delayed its IPO to at least autumn of this year; Circle, which went public in 2025, saw its stock price fall from $300 to $50, and Bullish dropped from $118 to $25, heightening market caution.
- This contrasts with the IPO boom in the AI sector: SpaceX is valued at $1.75-2 trillion, OpenAI at nearly $1 trillion, with AI companies attracting significant capital based on the "productivity revolution" narrative.
Original author: Ma He, Foresight News
On May 14, MetaMask wallet developer Consensys postponed its IPO until early this fall at the earliest. Meanwhile, crypto hardware wallet giant Ledger also suspended its US IPO plans on May 13. Prior to this, exchange Kraken had repeatedly delayed its listing plans. This string of IPO delays and suspensions signals that after the 2025 boom in crypto company listings, the IPO window in 2026 is narrowing significantly.
2025 was hailed by the industry as a "bumper year for IPOs": stablecoin issuer Circle successfully landed on the NYSE, multiple companies including Bullish and Gemini completed listings, and the exit channel for crypto VCs was initially opened. Crypto-related IPOs in 2025 raised approximately $14.6 billion in total, with VC transaction volume surging to $19.7 billion. The price of BTC once soared to an all-time high of $126,000, institutional capital flooded in, and the relatively friendly regulatory environment drove strong first-day performances for several crypto stocks.
Entering 2026, Bitcoin's price experienced a significant correction, trading volume declined, and investor risk appetite for crypto stocks rapidly cooled. BitGo, as the first crypto IPO of 2026, was priced at $18 and listed in January. Although it saw a brief rise on its first day, it subsequently fell, dropping to $7 at one point before recovering to $11.9.
Specifically, the listing pace of several leading companies has noticeably slowed. Kraken's parent company, Payward, confidentially filed an S-1 form in November 2025, originally planning to proceed in the first quarter of 2026 with a valuation once targeting $20 billion. On March 18 this year, the company suspended plans due to "difficult market conditions." Co-CEO Arjun Sethi stated that although the valuation dropped to $13.3 billion in a recent funding round, the IPO filing remains effective, and they are waiting for the optimal window.
Arjun Sethi
Ledger's suspension was more abrupt. The company, known for hardware wallets and enterprise-level infrastructure, was reported by media in January 2026 to have hired investment banks to prepare for a US listing, targeting a valuation of $4 billion. Citing informed sources, Ledger decided to postpone due to unfavorable market conditions and did not initiate a formal filing process. A company spokesperson declined to comment but indicated they might pivot to private fundraising to sustain growth.
Notably, as recently as March, Ledger appointed former Circle executive John Andrews as CFO and opened an office in New York to strengthen its US business presence. This expansion shows that its business strategy remains unchanged, and the IPO suspension is more a result of external pressures.
Meanwhile, MetaMask parent company Consensys has also joined the wait-and-see camp. The company had hired JP Morgan and Goldman Sachs as underwriters and originally planned to submit an S-1 form around the end of February, targeting an IPO in 2026. However, due to market weakness, Consensys has postponed the IPO until early this fall.
Behind these crypto company IPO suspensions are, of course, multiple overlapping factors.
The stock price performance of the first wave of crypto IPOs in 2025 has heightened caution regarding the 2026 listing window.
This year, Circle's stock price fell from a high of $300 to below $50 at one point, and Bullish dropped from $118 to below $25. Even BitGo, the first crypto IPO of 2026, was not spared—priced at $18 and listed in January, it saw a brief rebound but subsequently fell to as low as around $7.
This year's performance collectively confirms: crypto-concept stocks easily attract capital chasing gains at the tail end of a bull market but struggle to withstand valuation resets during a cyclical downturn. Traditional institutional investors are demanding significantly higher risk premiums for "cyclical dependency."
In stark contrast to this "cooling-off period" for crypto IPOs, the AI sector in 2026 is experiencing a dual boom in IPOs and fundraising.
SpaceX has initiated IPO preparations, targeting a valuation between $1.75 trillion and $2 trillion, making it one of the most anticipated tech listings globally.
OpenAI's valuation is approaching $1 trillion, and it is in close communication with multiple investment banks regarding listing paths; Anthropic's valuation has neared $900 billion, and it is actively preparing IPO materials. The AI narrative, with its deterministic story of a "productivity revolution," has attracted a massive inflow of long-term capital. Even under macro uncertainty, AI-related IPOs can still command a much higher risk appetite than crypto assets.
In comparison, crypto companies are highly dependent on Bitcoin's price and trading volume, making their revenue more volatile and harder to deliver the "exponential growth" certainty promised by AI companies. This cross-sector divergence in sentiment further amplifies investors' wait-and-see attitude towards crypto IPOs and forces crypto enterprises to accelerate their transformation from "storytelling" to "showcasing cash flow and compliance."
Additionally, crypto companies are adopting more pragmatic strategies: although private fundraising scales have shrunk, they still provide a buffer; some companies choose to optimize product lines first, expand stablecoin or institutional services, and wait for Bitcoin to stabilize in a higher range and market conditions to improve before listing.
The impact of this phenomenon on the industry is worth pondering.
On one hand, it accelerates the survival of the fittest. Weaker projects face greater fundraising difficulties, while resources concentrate on companies with strong compliance and solid infrastructure, such as Ledger's institutional-grade platform and Kraken's custody business. On the other hand, it highlights the crypto industry's transition from being story-driven to performance-driven. Companies that truly navigate the cycle are building long-term trust by constructing anti-volatile cash flows and enhancing transparency. However, in the short term, the narrowing IPO window could lead to valuation resets and affect the confidence and liquidity of the entire ecosystem.
Looking ahead, if Bitcoin returns to $90,000 or higher and regulatory legislation is further enacted, the second half of 2026 could usher in a second wave of the IPO window.
