Consensys Delays IPO to Autumn, Ledger Reassesses $4B Listing Amid Crypto Slump

Consensys has postponed its U.S. IPO from spring to autumn 2026, while Ledger is reassessing its potential $4 billion NYSE listing, both citing deteriorating crypto market conditions including Bitcoin pullbacks, ETF outflows, and weaker volumes. The Ethereum developer, last valued at $7 billion after a $450 million raise in 2022, had targeted a draft S-1 filing by late February but delayed amid February's market plunge and macro uncertainty, with JPMorgan and Goldman Sachs lined up as underwriters. This echoes Kraken's pause and BitGo's 36% post-IPO drop, as total crypto market cap slips to $2.62 trillion, chilling sector IPO activity.