Consensys, the blockchain software company behind MetaMask, has reportedly delayed its initial public offering until this fall. Citing two people familiar with the matter, CoinDesk said the Joe Lubin-led firm had been aiming to submit a confidential IPO filing to the U.S. Securities and Exchange Commission by late February, but pulled back as market conditions deteriorated.
According to the report, Consensys had already selected JPMorgan and Goldman Sachs as lead underwriters last year. The company was expected to move earlier in the year. Asked about the report, a Consensys spokesperson said the company does not comment on market rumors due to policy.
Risk-off conditions have slowed crypto IPO plans
The delay came after a sharp correction in the crypto market in February. The report pointed to macro uncertainty, concerns tied to tariff policy, and fading expectations for Federal Reserve rate cuts as factors that pushed capital away from risk assets. At the same time, spot Bitcoin ETFs continued to see outflows, while leveraged liquidations added pressure across the market.
Consensys is not alone in stepping back. As U.S. crypto regulation becomes clearer, many firms had been expected to revisit public listing plans this year. That momentum has weakened. The report said exchange operator Kraken and hardware wallet maker Ledger have also paused their IPO timelines.
BitGo's post-IPO performance has become a warning sign
Public market performance from peers is also shaping sentiment. BitGo, the only crypto company mentioned in the report as having completed an IPO this year, raised about $213 million in January. Its shares were priced at $18, above expectations, and jumped more than 20% on their first day of trading on the New York Stock Exchange.
That strength faded quickly. The report said BitGo shares are now down about 36% from the offering price. The reversal reflects how sensitive investors remain to crypto-linked stocks, and it adds pressure on companies still weighing whether to enter the public market.
Consensys had raised major funding during the bull market
Consensys drew strong investor interest during the last bull cycle. In early 2022, it raised $450 million in a Series D round at a $7 billion valuation. The decision to delay its IPO now shows that even large crypto infrastructure firms are still tied closely to market timing.