Ledger and Consensys have pushed back their plans to go public on US stock exchanges, citing volatile market conditions that have dampened investor enthusiasm for cryptocurrency-related listings. The delays reflect growing caution as the crypto sector’s recent price downturn and market uncertainty affect appetite for new public offerings.
Ledger, known for producing hardware wallets, had previously targeted a significant public offering on the New York Stock Exchange, reportedly valuing the company around $4 billion. The firm has been working with prominent investment banks, including Goldman Sachs, Jefferies, and Barclays, as part of its IPO preparations. However, it announced a reassessment of its timing and strategy due to challenges in attracting investor interest amid current market instability.
Similarly, Consensys, the creator of the Ethereum wallet MetaMask, postponed its US IPO plans. Initially planning to list this year with JPMorgan and Goldman Sachs as underwriters, the company now aims to delay the IPO until at least the fall. This development signals persistent hesitancy in the crypto market, even among established companies focused on blockchain software and decentralized finance applications.
The pullback by Ledger and Consensys is part of a broader trend affecting several major crypto firms. For instance, cryptocurrency exchange Kraken also halted its high-profile IPO initiatives earlier this year, after market shifts reduced its forecasted valuation and investor demands. These adjustments come against the backdrop of a shrinking overall cryptocurrency market, which recently dropped below $2.7 trillion in total capitalization.