Ledger And Consensys Delay US IPO Dreams As Crypto Conditions Turn Unfriendly

After a year that saw major crypto-related listings reach US public exchanges—including Circle (CRCL) and others such as Bullish (BLH)—hardware wallet maker Ledger and Ethereum-focused software company Consensys announced they are delaying their respective plans for a US initial public offering (IPO). 

Ledger Reassesses NYSE IPO Bid

For Ledger, the decision reflects a broader reassessment of how receptive investors are right now toward crypto listings. The French-based hardware wallet provider said it is “reassessing its public market plans as volatile conditions weigh on investor appetite for crypto IPOs.” 

That shift comes after months of speculation about Ledger’s listing strategy, which reportedly began circulating last November. At the time, Ledger CEO Pascal Gauthier told the Financial Times that the company was considering either a New York IPO or a private funding round in 2026.

That discussion later became more specific. In January, the Financial Times reported that Ledger was exploring a potential $4 billion IPO on the New York Stock Exchange (NYSE), with major investment banks including Goldman Sachs, Jefferies, and Barclays involved as part of the underwriting process. 

Crypto IPO Wave Stalls

Consensys’ move follows a similar pattern. The MetaMask developer has also delayed its planned US IPO, signaling that weakness in the market for crypto-company listings continues to weigh on even established firms. 

CoinDesk reported Wednesday that Consensys pushed back its IPO timetable to at least this fall. The company had previously selected JPMorgan and Goldman Sachs as underwriters for the offering.

Ledger and Consensys are not acting in isolation. Their announcement comes after crypto exchange Kraken also paused its high-profile IPO plans after a concerning first-quarter for the broader crypto market, halting a move which had been described as targeting $20 billion for the year. 

Featured image created with OpenArt, chart from TradingView.com