Crypto IPO Wave Stalls as AI Frenzy Steals the Spotlight and Volumes Crater 75%

Crypto firms including Ledger and ConsenSys have quietly shelved long-awaited IPO plans as trading volumes collapse and macro headwinds squeeze valuations. Fundstrat's Sean Farrell told CoinDesk that crypto trading volumes are down roughly 75% year-to-date — a brutal backdrop for any company hoping to maximize what it can return to existing investors. Ledger had reportedly lined up Goldman Sachs, Jefferies, and Barclays for a $4 billion NYSE listing before pulling back. Farrell noted that most of these processes are already 70-80% complete, meaning the pipeline is loaded and waiting for a cleaner window.

The contrast with AI-linked listings is stark. Farrell described the current IPO market as "wide open" for emerging tech firms tied to artificial intelligence, with hyperscalers continuing to pour capital into compute infrastructure despite inflation and rate concerns. Bitcoin miners…