Consensys, a software firm for Ethereum behind the MetaMask wallet, has announced that JPMorgan and Goldman Sachs will be leading the IPO process.
Joe Lubin, Ethereum led development of Consensys, has deferred its possible U.S. initial public offering before fall as early as possible due to poor market conditions, according to two people familiar with the current situation.
The firm has previously received the active advisory backing from JPMorgan and Goldman Sachs to serve as a lead for public listing. According to the third source, Consensys has been targeting to file a draft S-1 registration statement with the Securities and Exchange Commission (SEC).
However, before the planned IPO, crypto markets shifted dramatically lower in February 2026 as investors withdrew from risk assets despite economic ambiguity, tariff issues, slowing projection for interest rate cuts, and heavy outflows from Bitcoin exchange-traded funds (ETFs), setting off to utilized liquidation within digital assets. Taking these into account, the decision of Consensys to defer its IPO plans was defined as unsurprising. A firm spokeswoman rejected to comment on market speculation.
While enhanced framework clarity in the U.S. triggered various crypto industries to explore public listings, an extended market downturn has seen large firms, including exchange giant Kraken and crypto wallet marker Ledger, delay or pause IPO ambitions.
The current market performance of crypto-related listings has shown mixed investor sentiment. The share price of BitGo (BTGO), the first crypto-native company introduced in the market this year, increased by about $213 million in its January IPO, pricing shares over the marketed range at %18 and climbing more than 20% in its New York Stock Exchange (NYSE) debut.
However, the rally dissipated, emphasizing unstable investor sentiment for crypto listings, with current stock trading of about 36% down its IPO price.
Consensys’s substantially grew $450 million Series D round, pricing the firm at $7 billion in early 2022.
