Author: Ma Ke, Foresight News
On May 14th, Consensys, the developer of MetaMask wallet, temporarily postponed its IPO to at least the Fall of this year. Meanwhile, crypto hardware wallet giant Ledger also suspended its US IPO plan on May 13th. Previously, the exchange Kraken had repeatedly delayed its listing plans. This series of IPO postponements and suspensions signals a significant narrowing of the 2026 IPO window following the 2025 boom in crypto company listings.
2025 was considered a "bumper year for IPOs" in the industry: stablecoin issuer Circle successfully listed on the NYSE, and several companies including Bullish and Gemini completed their listings, initially opening an exit channel for crypto VCs. Crypto-related IPOs in 2025 raised approximately $14.6 billion, and VC deal volume soared to $19.7 billion. BTC price once surged to a record high of $126,000, institutional capital flowed in, the regulatory environment was relatively friendly, and multiple crypto stocks saw strong first-day performance.
Entering 2026, Bitcoin's price corrected significantly, trading volume declined, and investor risk appetite for crypto stocks cooled rapidly. BitGo, as the first crypto IPO of 2026, priced at $18 in January for its listing. Although it briefly rose on its debut, it subsequently fell back, once dropping to $7, and has now recovered to $11.9.
Specifically, the listing pace of several leading companies has clearly slowed. Payward, the parent company of Kraken, confidentially filed an S-1 form in November 2025, originally planning to proceed in Q1 2026 with a valuation target once aiming for $20 billion. On March 18th this year, the company paused its 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 valid, awaiting the optimal window.
Arjun Sethi
Ledger's suspension was more abrupt. Known for its hardware wallets and enterprise-grade infrastructure, reports in January 2026 indicated it had hired investment banks to prepare for a US listing targeting a $4 billion valuation. Citing sources familiar with the matter, unfavorable market conditions led Ledger to decide to pause, without initiating the formal filing process. A company spokesperson declined to comment but suggested the possibility of turning to private financing to sustain growth.
Notably, just in March, Ledger appointed former Circle executive John Andrews as CFO and opened a New York office to strengthen its US business layout. This expansion shows its business strategy remains unchanged; the IPO pause is more due to external factors.
Meanwhile, MetaMask parent company Consensys also joined the wait-and-see ranks. The company had hired JPMorgan and Goldman Sachs as underwriters, originally planning to submit an S-1 form around the end of February with a target to list in 2026. However, due to market weakness, Consensys has postponed its IPO to at least this Fall.
Behind these crypto companies' IPO suspensions are, of course, the combined result of multiple factors.
The stock performance of the first wave of crypto IPOs in 2025 has intensified market caution toward the 2026 listing window.
This year, Circle's stock price has fallen from a high of $300 to below $50, Bullish dropped from $118 to below $25. Even BitGo, the first crypto IPO of 2026 opening the year, couldn't escape—after pricing at $18 and listing in January, it briefly rebounded but then fell all the way to near $7 at its lowest.
This year's performance collectively confirms that crypto-related stocks are prone to capital chasing at the tail end of a bull market but struggle to withstand valuation resets during cyclical downturns. Traditional institutional investors' required risk premium for "cycle-bound" assets has significantly increased.
In stark contrast to the "cooling-off period" for crypto IPOs, the AI sector in 2026 is in the midst of a dual boom in IPOs and fundraising.
SpaceX has begun IPO preparations, targeting a staggering valuation of $1.75 to $2 trillion, becoming one of the world's most anticipated tech listing projects.
OpenAI's valuation is approaching $1 trillion and is in close communication with several investment banks regarding its listing path; Anthropic's valuation has neared $900 billion and is also actively preparing IPO materials. The AI narrative, with its promise of a "productivity revolution," has attracted a massive influx of long-term capital. Even in an environment of macro uncertainty, AI-related IPOs can garner a much higher risk appetite than crypto assets.
In comparison, crypto companies are highly dependent on Bitcoin prices and trading volumes, with stronger revenue volatility, making it difficult to offer the "exponential growth" certainty promised by AI companies. This cross-sectoral divergence between hot and cold further amplifies investor wait-and-see sentiment towards crypto IPOs, also forcing crypto companies to accelerate their transition from "storytelling" to "telling cash flow stories, telling compliance stories."
Furthermore, crypto companies are shifting towards more pragmatic strategies: although private financing has shrunk in scale, it can still provide a buffer; some companies choose to first optimize product lines, expand into stablecoins or institutional services, and wait for Bitcoin to stabilize at a higher range and for market conditions to improve before proceeding with a listing.
The implications of this phenomenon for the industry warrant deeper thought.
On one hand, it accelerates survival of the fittest. Weaker projects face increased fundraising difficulty, and resources concentrate towards 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 narrative-driven to performance-driven. Companies truly capable of weathering cycles are building anti-volatility cash flows and enhancing transparency to win long-term trust. However, in the short term, the narrowing IPO window may lead to valuation resets and affect confidence and liquidity across the entire ecosystem.
Looking ahead, if Bitcoin returns to $90,000 or higher, and regulatory bills are further enacted, the second half of 2026 may usher in a second wave of IPO windows.
