Crypto IPO wave hits turbulence! MetaMask parent company Consensys postpones IPO to autumn

ORIGINAL幣圈上市潮遇亂流！MetaMask 母公司 Consensys 將 IPO 延後至秋季

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The crypto industry has been facing strong headwinds recently, and even major players are struggling to withstand the turbulence. According to CoinDesk, citing two people familiar with the matter, Consensys, the blockchain development company led by Ethereum co-founder Joe Lubin, has postponed its initial public offering (IPO) until this autumn due to unfavorable market conditions. Sources indicated that Consensys, the creator of the popular crypto wallet MetaMask, had selected JPMorgan Chase and Goldman Sachs as lead underwriters last year, with an original goal of filing a confidential IPO application with the SEC by the end of February this year. However, as the cryptocurrency market underwent a sharp correction in February, the combined effects of macroeconomic uncertainty, concerns over tariff policies, and cooling expectations for interest rate cuts by the Fed have led to a massive exodus of capital from risk assets. Meanwhile, Bitcoin spot ETFs have continued to see outflows, triggering a brutal wave of leveraged liquidations in the market. Given such a severe environment, Consensys' decision to delay its listing is seen by the industry as expected. In response, a Consensys spokesperson stated low-key: "Based on company policy, we do not comment on market rumors." In fact, as the U.S. regulatory environment has gradually become clearer, many cryptocurrency companies had high expectations for going public this year. But faced with the reality of capital pressure, companies including the exchange Kraken and cold wallet manufacturer Ledger have also paused their respective IPO plans. Consensys' hesitation may find an answer in the performance of its peers. BitGo (ticker: BTGO), the only company to successfully go public this year, raised approximately $213 million in its January IPO, with a share price of $18 that even exceeded initial expectations, and surged over 20% on its first day of trading on the NYSE. However, the celebratory rally was short-lived. BitGo's stock price has now fallen about 36% below its offering price, which not only reflects investors' extreme sensitivity and wait-and-see attitude toward crypto-related stocks, but also serves as a warning for other industry peers not to go public rashly. Looking back at the peak of the bull market in early 2022, Consensys raised $450 million in a Series D funding round, at which time the company reached a valuation of $7 billion.

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