Crypto IPO Freeze: Consensys, Ledger, and Kraken All Cancel Listings

📄Full Article· Automatically extracted by trafilaturaGemini 翻譯2212 words

The glory of the 2025 crypto IPO fundraising of $14.6 billion is no longer, with Consensys, Ledger, and Kraken postponing their listings in 2026. A great migration of capital is underway. (Previous coverage: A roundup of 9 crypto companies preparing for IPOs, from on-chain to Wall Street) (Background: The Year of Crypto IPOs: Amber Group lands on NASDAQ, over 10 companies in line including Kraken, Gemini, Circle...) On May 14, MetaMask developer Consensys temporarily postponed its IPO until at least this autumn. Meanwhile, crypto hardware wallet giant Ledger also suspended its US IPO plans on May 13. Previously, the exchange Kraken had also continuously delayed its listing plans. This series of IPO delays and suspensions marks a significant narrowing of the IPO window in 2026 following the crypto company listing boom of 2025. 2025 was viewed by the industry as a "bumper year for IPOs": stablecoin issuer Circle successfully landed on the NYSE, while companies like Bullish and Gemini completed their listings, opening up initial exit channels for crypto VCs. In 2025, crypto-related IPOs raised approximately $14.6 billion, and total VC deal volume soared to $19.7 billion. The BTC price once surged to a historical high of $126,000, institutional capital poured in, and the regulatory environment was relatively friendly, driving strong first-day performances for multiple crypto stocks. Entering 2026, the Bitcoin price saw a significant correction, trading volume declined, and investor risk appetite for crypto stocks cooled rapidly. As the first crypto IPO of 2026, BitGo listed in January at a price of $18. Although it rose briefly on the first day, it subsequently fell, dropping to as low as $7, and has now recovered to $11.9. Specifically, the listing pace of several leading companies has slowed significantly. Kraken's parent company, Payward, confidentially submitted an S-1 form in November 2025, originally planning to push forward in Q1 2026 with a valuation once aimed at $20 billion. On March 18 of this year, the company suspended the plan 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 waiting for the optimal window. Ledger's suspension was more sudden. Known for its hardware wallets and enterprise-grade infrastructure, the company was reported by media in January 2026 to have hired investment banks to prepare for a US listing with a target valuation of $4 billion. Sources said that due to unfavorable market conditions, Ledger decided to postpone and did not initiate the formal filing process. A company spokesperson declined to comment but indicated a possible shift to private financing to maintain growth. Notably, just in March, Ledger appointed former Circle executive John Andrews as CFO and opened an office in New York to strengthen its US business layout. This expansion shows that its business strategy remains unchanged, and the suspension of the listing is more a result of external environmental pressure. At the same time, MetaMask parent company Consensys has also joined the wait-and-see ranks. The company had hired JPMorgan and Goldman Sachs as underwriters and originally planned to submit an S-1 form around the end of February, targeting a 2026 listing. However, due to market weakness, Consensys has postponed its IPO until at least this autumn. The reasons behind these crypto IPO suspensions are, of course, the result of multiple overlapping factors. The stock price performance of the first wave of crypto IPOs in 2025 has exacerbated market caution regarding the 2026 listing window. Since the beginning of this year, Circle's stock price has fallen from a high of $300 to below $50, and Bullish has fallen from $118 to below $25. Even BitGo, the first crypto IPO of 2026, was not spared: after listing at $18 in January, it saw a brief rebound but then fell all the way to near $7. The performance over the past year confirms that crypto-concept stocks are easily sought after by capital at the end of a bull market, but struggle to withstand valuation resets during cyclical downturns, and traditional institutional investors have significantly increased their risk premium requirements for "cycle-bound" assets. In stark contrast to the "cooling period" of crypto IPOs, the AI sector is experiencing a dual climax of IPOs and financing in 2026. SpaceX has initiated IPO preparations with a target valuation of up to $1.75 trillion to $2 trillion

Data Status✓ Full text extractedRead Original (動區 BlockTempo)

🔍Historical Similar Events· Keyword + Asset Matching6 items

2026-05-22

Blockchain.com Tests a Cold IPO Market After Kraken, Ledger Paused

Similarity 180%關鍵字 ipo/ledger/kraken

2026-05-14

Ledger, Consensys Get Cold Feet as Crypto IPO Window Slams Shut

Similarity 180%關鍵字 ipo/consensys/ledger

2026-05-13

Ledger Joins Kraken in Pausing US IPO, Stalling Crypto’s 2026 Public Listing Wave

Similarity 180%關鍵字 ipo/ledger/kraken

2026-05-15