Consensys, the Ethereum development company led by Joe Lubin, has delayed its potential public offering in the US until the fall at the earliest due to poor market conditions, according to two people familiar with the situation.
Wallet creator MetaMask had reportedly hired bankers from JPMorgan and Goldman Sachs last year to lead the process.
According to a third person, Consensys was aiming to file a draft S-1 registration statement with the Securities and Exchange Commission (SEC) in late February of this year. A confidential filing is typically the first formal step in the IPO process.
Crypto markets fell sharply in February 2026, as investors pulled out of risk assets amid macroeconomic uncertainty, tariff concerns, slowing interest rate cut expectations, and strong bitcoin outflows. exchange-traded funds (ETFs), triggering a wave of leveraged liquidations in digital assets. In that context, Consensys’ decision to delay its IPO plans was not a surprise.
A Consensys spokeswoman said: “As a matter of policy, we do not comment on market speculation.”
Improving regulatory clarity in the US has led several crypto companies to outline plans to go public this year. But a prolonged market decline has caused major companies such as stock market giant Kraken and crypto wallet maker Ledger to suspend their IPO plans.
BitGo (BTGO), the only crypto-native company set to go public in 2026, raised around $213 million in its January IPO, valuing the stock above its $18 trading range and jumping more than 20% in its debut on the New York Stock Exchange (NYSE).
But the rally quickly faded, highlighting volatile investor sentiment toward cryptocurrency listings, and the stock now trades around 36% below its initial public offering price.
In early 2022, Consensys raised a sizable $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
