Just last week, at least half a dozen crypto firms were looking to go public in the U.S. Now, with markets tanking and uncertainty rising following President Donald Trump’s decision to levy tariffs worldwide, these firms are likely to reverse their plans. 

"All of them will pull. You can't IPO into a market collapsing like 2008," Austin Campbell, CEO of payments firm WSPN and adjunct professor at New York University’s Stern School of Business, told The Block in a direct message. 

Several tech firms, including the unicorn payments and shopping startup Klarna, have already announced that they’re canceling plans to go public, citing market turmoil. The situation is likely even bleaker in crypto, which has seen comparatively few public listings. 

Aside from the capital-intensive mining sector, very few crypto firms have managed to go public despite a wave of attempts during the pandemic-era bull market. Of those that eked out before the market downturn in 2022, Coinbase (ticker: COIN) is perhaps the only household name. 

In what was a signal of the industry’s rebound under a crypto-friendly Trump administration, in recent weeks, a number of firms that previously canceled plans to go public via a special purpose acquisition company (SPAC) merger — including Bullish and Circle — were reportedly gearing up to try again. 

Just this week, Circle filed a Form S-1 with the U.S. Securities and Exchange Commission to lay the groundwork for its public offering. But rumors have begun circulating that the stablecoin issuer is pulling back. The Wall Street Journal reported that Circle executives are “watching anxiously before deciding what to do,” citing people familiar with the situation. The Block has reached out for confirmation. 

Likewise, a prominent U.S. firm that was moving forward on plans to list on a New York-based exchange is also likely to renege.

"I doubt you will see any IPOs including [redacted] for a while. Markets hate IPOs in volatile markets," a source close to the matter said. 

Part of the issue is that potential investors have less of an appetite. In a deflationary environment, assets further along the risk curve, like crypto firm equity, suffer. COIN, for instance, is down nearly 8% on the day as of press time. By comparison, bitcoin is up nearly 2%. 

"There are many moving parts, including the threat of falling interest rates hurting their profits," Columbia Business School adjunct professor Omid Malekan told The Block. 

This includes the willingness of banks to underwrite an initial public offering as well as venture capitalist backers who might prefer that a portfolio company hold off in light of a better potential exit when conditions are clearer. 

Trump's tariff plan, announced on April 2, will impose a 10% baseline tariff on all U.S. imports starting April 5, with higher "reciprocal" rates of up to 50% on countries with significant trade deficits or barriers in a bid to boost domestic manufacturing and reduce the country’s trade deficit. 

While some Trump supporters have lauded the decisions made on "Liberation Day," there is an emerging consensus among economists that the move will disrupt global trade and finance and potentially push the world into a recession. 

"Understatement," Campbell said. "This is the biggest policy mistake in 100 years."

The Block has contacted several crypto firms planning IPOs and will update as we learn more. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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