Three of crypto's biggest names are shelving their US IPO plans. Ledger, the hardware wallet maker, is reassessing its proposed New York Stock Exchange listing. Consensys, the company behind MetaMask, has pushed its IPO back to at least fall 2025. And Kraken, the crypto exchange, has paused its own offering after a rough first quarter for digital assets. Each had been working with top-tier underwriters — Goldman Sachs, Jefferies, Barclays, JPMorgan — but the market isn't cooperating.
Ledger rethinks a $4 billion NYSE debut
Ledger had been eyeing a valuation around $4 billion, with Goldman Sachs, Jefferies, and Barclays lined up as underwriters. But volatile conditions and weak investor appetite for crypto listings have forced a rethink. The company hasn't confirmed a new timeline, but people familiar with the matter say the deal is effectively on ice for now.
Consensys pushes its MetaMask parent into 2025
Consensys, the developer behind the popular wallet MetaMask, has delayed its planned US public offering to at least fall 2025. JPMorgan and Goldman Sachs were set to lead. The company didn't provide a specific reason, but the broader market slump — down roughly 20% from January highs — has made institutional buyers skittish about new crypto equity.
Kraken hits pause after a tough Q1
Kraken had been targeting a $20 billion valuation in its IPO. But a concerning first quarter for the broader crypto market prompted the exchange to stop the process. The timing isn't great: Kraken has also been dealing with regulatory scrutiny in the US and Europe, though the company says the pause is purely about market conditions.
What's behind the pullback
It's not just one thing. The crypto market has been choppy since late 2025, with Bitcoin struggling to hold above $80,000 and retail trading volumes down. IPO windows for crypto companies have historically been narrow — Coinbase listed in April 2021 during a bull run, and nobody's seen a repeat. Underwriters are telling clients that institutional demand for digital asset stocks is thin right now. Until that changes, more delays are likely.
What happens next? Ledger, Consensys, and Kraken haven't publicly ruled out going public later. But none has set a new date. For now, the message from Wall Street is clear: wait until the market warms up — or look elsewhere.
