Written by: Mach, Foresight News
On May 14, MetaMask wallet developer Consensys temporarily postponed its IPO until at least this fall. Meanwhile, crypto hardware wallet giant Ledger also suspended its US IPO plans on May 13. Previously, exchange Kraken had also repeatedly postponed its listing plans. This series of IPO postponements and suspensions signifies that after the crypto company IPO boom of 2025, the IPO window for 2026 is clearly narrowing.
2025 was considered a "bumper year" for IPOs: stablecoin issuer Circle successfully listed on the NYSE, and several other companies, including Bullish and Gemini, completed their IPOs, opening up initial exit channels for crypto VCs. Crypto-related IPOs raised approximately $14.6 billion in 2025, and total VC deals surged to $19.7 billion. The price of Bitcoin (BTC) once soared to a record high of $126,000, attracting institutional investment. A relatively favorable regulatory environment contributed to the strong first-day performance of many crypto stocks.
Entering 2026, Bitcoin prices experienced a significant correction, trading volume declined, and investor risk appetite for crypto stocks cooled rapidly. BitGo, the first crypto IPO of 2026, priced its listing at $18 in January. Although it briefly rose on its first day, it subsequently fell back, dropping to as low as $7 before recovering to $11.9.
Specifically, the IPO pace of several leading companies has slowed significantly. Kraken's parent company, Payward, secretly filed its 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 18th of this year, the company suspended 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, and they are awaiting the optimal window.
Arjun Sethi
Ledger's suspension was even more abrupt. The company, known for its hardware wallets and enterprise-grade infrastructure, had already been reported by the media in January 2026 to have hired investment banks to prepare for a US IPO, targeting a valuation of $4 billion. According to sources familiar with the matter, Ledger decided to postpone the process due to unfavorable market conditions and has not initiated the formal filing process. A company spokesperson declined to comment but indicated that it might turn to private equity financing to sustain growth.
It's worth noting that in 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 indicates that its business strategy remains unchanged, and the suspension of its IPO is more a result of external pressures.
Meanwhile, MetaMask's parent company, Consensys, has also joined the wait-and-see approach. The company had hired JPMorgan Chase and Goldman Sachs as underwriters and originally planned to file its S-1 form around the end of February, aiming for a 2026 IPO. However, due to market weakness, Consensys has postponed its IPO to at least this fall.
The suspension of these crypto company IPOs is, of course, the result of a combination of factors.
The stock performance of the first wave of crypto IPOs in 2025 has exacerbated market caution regarding the 2026 listing window.
This year, Circle's stock price has fallen from a high of $300 to below $50, while Bullish's has dropped from $118 to below $25. Even BitGo, the first crypto IPO of 2026, was not spared—after a brief rebound following its listing at $18 in January, its stock price subsequently plummeted to a low of around $7.
The performance over the past year confirms that while crypto stocks are easily sought after by funds at the end of a bull market, they are unable to withstand valuation resets during a cyclical downturn, and traditional institutional investors have significantly increased their demand for risk premiums related to "cycle binding".
In stark contrast to the "cooling-off period" for crypto IPOs, the AI sector is experiencing a double boom in IPOs and fundraising in 2026.
SpaceX has begun preparations for its IPO, targeting a valuation of $1.75 trillion to $2 trillion, making it one of the most anticipated technology IPOs in the world.
OpenAI, valued at nearly $1 trillion, is in close discussions with several investment banks regarding its IPO path; Anthropic, valued at nearly $900 billion, is also actively preparing its IPO materials. The AI narrative, with its certainty of a "productivity revolution," has attracted a large influx of long-term capital. Even in an environment of macroeconomic uncertainty, AI-related IPOs still attract a much higher risk appetite than crypto assets.
In contrast, crypto companies are highly dependent on Bitcoin prices and trading volumes, resulting in more volatile revenues and making it difficult to provide the "exponential growth" certainty promised by AI companies. This cross-sectoral divergence has further amplified investor hesitancy regarding crypto IPOs and forced crypto companies to accelerate their transformation from "storytelling" to "cash flow and compliance."
In addition, crypto companies are adopting a more pragmatic strategic shift: while private equity financing has shrunk in size, it still provides a buffer; some companies are choosing to optimize their product lines and expand stablecoin or institutional services first, and then go public after Bitcoin stabilizes in a higher range and the market situation improves.
The impact of this phenomenon on the industry deserves serious consideration.
On the one hand, it accelerates the weeding out of weaker players. Weaker projects face greater difficulty in securing funding, leading to a concentration of resources in companies with strong compliance and robust infrastructure, such as Ledger's institutional platform and Kraken's custody business. On the other hand, it also highlights the crypto industry's shift from story-driven to performance-driven growth. Companies that truly weather economic cycles are earning long-term trust by building resilient cash flows and increasing transparency. However, in the short term, the 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 even higher and regulatory legislation is further implemented, the second half of 2026 may see a second wave of IPOs.
