Ethereum developer Consensys, led by Joe Lubin, has postponed its potential U.S. public offering to as early as the fall due to poor market conditions, according to two people familiar with the matter.
The MetaMask wallet maker reportedly hired bankers from JPMorgan Chase and Goldman Sachs last year to lead the process.
According to a third person, Consensys had been planning to submit a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) around the end of February this year. A confidential filing is usually the first formal step in the IPO process.
In February 2026, the cryptocurrency market fell sharply as investors retreated from risky assets due to macroeconomic uncertainty, tariff concerns, slowing interest rate cut expectations, and massive Bitcoin outflows Exchange-traded funds (ETFs) triggered a wave of leveraged liquidations of digital assets. Against this backdrop, it’s not surprising that Consensys decided to postpone its IPO plans.
A spokesperson for Consensys said: “As a matter of policy, we do not comment on market speculation.”
Increased regulatory transparency in the United States has prompted several cryptocurrency companies to make plans to go public this year. But the prolonged market downturn has led major companies such as exchange giant Kraken and crypto wallet maker Ledger to pause IPO plans.
BitGo (BTGO), the only crypto-native company to go public in 2026, raised about $213 million in its January IPO and is trading $18 above market pricing, rising more than 20% on its New York Stock Exchange (NYSE) debut.
But the gains quickly faded, underscoring investor sentiment toward the cryptocurrency listing, with the stock now trading about 36% below its IPO price.
In early 2022, Consensys raised a massive $450 million in Series D financing, valuing the company at $7 billion.
Read more: Crypto wallet provider Ledger pauses U.S. IPO plans due to market conditions
