However, enthusiasm for the new product has since cooled due to weak market conditions, weak trading volumes, and disappointing post-listing performance, including for BitGo (BTGO). Several major crypto companies, including Kraken’s parent company Payward, Ethereum app developer ConsenSys, wallet provider Ledger, and asset manager Grayscale, have all postponed their IPO plans while waiting for market conditions to improve. Others are still moving on. Blockchain.com announced in May that it had confidentially filed with the Securities and Exchange Commission for an IPO in the United States.
CoinDesk reported in May that crypto trading platform FalconX also filed a draft S-1 registration with the SEC, the first step toward a possible listing.
Lopez said the broader macro backdrop was weighing on sentiment. Uncertainty surrounding interest rates has made investors especially cautious about high-beta assets such as cryptocurrencies. While signals from the Fed and the Trump administration point toward a more deflationary environment that may ultimately favor rate cuts, global markets remain under pressure for central bank action and deleveraging, including recent moves by the Bank of Japan to defend the yen.
“Investors are hesitant to back stocks in IPOs because they are worried about whether there will be support in the aftermarket,” Lopez said.
He said it may be next year before Bitcoin listings resume in earnest. BTC$64,177.86 He noted that the market cycle could bottom out around October, with the broader crypto market likely to follow the performance of the world’s largest cryptocurrencies.
