Consensys Delays IPO Until Fall as Crypto Market Downturn Stalls Public Offering Plans!

Consensys, the Ethereum development firm behind MetaMask and led by Joe Lubin, has pushed back its potential U.S. IPO until fall at the earliest, citing poor market conditions. The company had been targeting a confidential S-1 filing with the SEC around the end of February, with JPMorgan and Goldman Sachs reportedly engaged to lead the process.

The delay reflects a broader chill across crypto IPO pipelines. Crypto markets turned sharply lower in February 2026 as investors retreated from risk assets amid macroeconomic uncertainty, tariff concerns, slowing rate-cut expectations, and heavy bitcoin outflows. Kraken and Ledger have similarly paused their public offering plans.

The cautionary data point is BitGo, the only crypto-native company to go public in 2026. It raised $213 million in January, priced above range, and jumped 20% on debut — but the stock now trades roughly 36% below its…