#Gate广场五月交易分享

At the beginning of this year, the cryptocurrency industry experienced a grand IPO frenzy, with many leading companies gearing up to rush into U.S. stock offerings. The industry was generally optimistic about the crypto sector entering the mainstream capital markets. However, in just a few months, the sentiment suddenly shifted, the IPO window rapidly narrowed, and crypto companies faced repeated setbacks in going public. Two major industry giants announced delays in their listing plans, dealing a heavy blow to the hot wave of capitalization.

Recently, there have been significant financing updates in the crypto circle. The veteran hardware wallet giant Ledger officially announced the suspension of all U.S. listing plans, completely pressing the pause button on its IPO. Previously, this French company was ambitious, hiring top investment banks like Goldman Sachs and Barclays to escort its IPO efforts, aiming for a valuation exceeding $4 billion, with plans to steadily advance the listing registration process. But to date, Ledger has not submitted formal registration documents to the U.S. SEC. Due to the sluggish market conditions, the company decisively halted its IPO pace, and may shift to private funding to sustain operations.

Coincidentally, the Ethereum ecosystem leader Consensys also chose to delay its IPO. As the developer of the well-known wallet MetaMask, Consensys initially planned to submit IPO materials at the beginning of the year, with JPMorgan and Goldman Sachs leading the underwriting. Now, it has officially announced postponing the IPO until this fall. Management stated that the current market environment is harsh, and they are unwilling to go public during the winter of capital, preferring to wait for a market rebound before choosing the right time to list.

The consecutive brakes by these two giants are not accidental. The crypto industry is currently mired in multiple difficulties. Macroeconomic market sentiment is low, crypto asset prices are volatile and weak, and both retail and institutional investors’ risk appetite has significantly decreased. The secondary market’s acceptance of new crypto stocks continues to decline. Meanwhile, U.S. regulatory red lines are becoming stricter, with unresolved lawsuits against Ethereum and crypto wallets by the SEC, making compliance uncertainty the biggest obstacle for companies to go public.

From the initial rush to IPO at the start of the year to now collectively delaying and suspending listings, the wave of capitalization in the crypto industry has taken a sharp turn. This postponement trend not only dampens short-term market expectations for IPOs but also serves as a wake-up call for the industry. The mainstreaming process of crypto companies remains a long and difficult road. Currently, the industry is in a state of cautious observation, with most companies delaying capital actions, waiting for clearer regulations and a market rebound. Under the cold wave of capital, the crypto industry is shedding its impatience and gradually returning to a rational development pace.