Consensys, the Ethereum development company led by Joe Lubin, has pushed back its potential U.S. IPO until the fall at the earliest due to poor market conditions, according to two people familiar with the matter.
Wallet builder MetaMask reportedly hired bankers from JPMorgan and Goldman Sachs last year to lead the process.
Consensys aimed to file a proposed S-1 registration statement with the Securities and Exchange Commission (SEC) around the end of February this year, according to a third person. A confidential filing is typically the first formal step in the IPO process.
Crypto markets fell sharply in February 2026 as investors retreated from risky assets amid macroeconomic uncertainty, tariff concerns, slowing expectations of lower interest rates and strong Bitcoin outflows. exchange-traded funds (ETFs), triggering a wave of leveraged liquidations in digital assets. In this context, Consensys’ decision to delay its IPO plans was hardly surprising.
A Consensys spokeswoman said: “In terms of policy, we do not comment on market speculation. »
Improving regulatory clarity in the United States has prompted several crypto companies to develop plans to go public this year. But a prolonged market downturn has seen major companies such as foreign exchange giant Kraken and crypto wallet maker Ledger shelve their IPO plans.
BitGo (BTGO), the only crypto-native company to go public in 2026, raised around $213 million in its January IPO, pricing shares above the $18 marketed range and surging more than 20% in its debut on the New York Stock Exchange (NYSE).
But the rally quickly faded, highlighting volatile investor sentiment toward crypto listings, with the stock now trading about 36% below its IPO price.
In early 2022, Consensys raised a hefty $450 million Series D round, valuing the company at $7 billion.
Read more: Crypto wallet provider Ledger suspends US IPO plans due to market conditions
