Crypto companies are pausing IPO plans amid declining trading volumes and AI hype reshaping the tech market

Odaily Planet Daily News: Due to weak trading volumes and macro pressures lowering valuations, crypto companies are putting their long-awaited IPO plans on hold. Companies such as hardware wallet manufacturer Ledger and MetaMask developer ConsenSys have all delayed their IPOs. Ledger had previously planned to list on the New York Stock Exchange with a valuation of $4 billion.

Sean Farrell, Head of Digital Asset Strategy at Fundstrat, stated that crypto trading volumes have fallen by about 75% this year, putting pressure on the valuations of publicly listed crypto companies. In contrast, demand remains strong for listings of tech companies related to AI.

Additionally, Bitcoin miners transitioning to AI infrastructure have become one of the better-performing areas in the crypto market. Sean Farrell also pointed out that Hyperliquid is one of the standout crypto ecosystems in 2026, generating approximately $850 million in revenue over the past 12 months. Its recent partnership with Coinbase has made USDC the canonical stablecoin on the platform. (CoinDesk)