Consensys, the company behind MetaMask, has delayed its planned U.S. initial public offering until at least fall 2026. People familiar with the matter said the Ethereum software firm had been preparing to confidentially submit a draft S-1 to the U.S. Securities and Exchange Commission around late February, but weaker crypto prices, ETF outflows, and lower investor appetite for new listings forced the company to pause the effort.
JPMorgan and Goldman Sachs were said to be leading the process
According to sources, Consensys hired JPMorgan and Goldman Sachs last year to work on the IPO. The company had been aiming for a confidential SEC filing before market conditions deteriorated. A Consensys spokesperson declined to comment on speculation around the listing timeline.
Pressure on the market intensified in February. Investors cut exposure to risk assets, while concerns over tariffs and delays to interest-rate cuts weakened sentiment. At the same time, Bitcoin ETF outflows accelerated in U.S. markets, adding pressure across digital assets and crypto-linked equities and triggering broader liquidations.
Kraken and Ledger have also paused listing plans
Consensys is not alone in stepping back. Crypto exchange Kraken and hardware wallet maker Ledger have also put IPO preparations on hold. Several companies had moved closer to public listings after regulatory conditions improved in the United States, but prolonged market weakness reduced demand for crypto-related offerings and narrowed the window for new deals.
So far, BitGo is the only crypto-native company to complete an IPO in 2026. The company raised nearly $213 million in its January listing on the New York Stock Exchange. Its shares initially climbed more than 20% after debut, but that gain later faded. Reports say the stock now trades about 36% below its IPO price.
Consensys remains a major Ethereum infrastructure company
Led by co-founder Joe Lubin, Consensys remains one of the largest infrastructure companies in the Ethereum ecosystem. The firm develops MetaMask and several Ethereum-focused software products. In 2022, Consensys raised $450 million in a Series D round that valued the company at about $7 billion. The business continues to operate through a difficult period for crypto equity markets, while any revival of its IPO plan now appears tied to a stronger listing environment.