Trump-linked crypto project aims to raise $300 million selling token you may never be able to resell

The rule of three means we can now declare 2026 will not be the year of crypto IPOs:

• Ethereum development firm Consenys,

• Security hardware company Ledger,

• And crypto exchange Kraken are pausing plans to go public, according to reports from CoinDesk.

The companies have delayed their IPOs due to tough market conditions, the report said, including declined trading volume in digital assets, weak price performance of tokens, and investor interest in other sectors.

Kay Kyeongsik Woo, the founder of blockchain ride-hailing application Tada, told Sherwood News, “The market is cooled down and investors’ appetite has been sold to AI.”

Just today, AI chipmaker Cerebras Systems went public and is this year’s largest IPO so far, and investors are excited about potential IPOs for OpenAI and Anthropic as their valuations soar.

“It’s a fair decision on behalf of all the crypto firms,” according to Kairos Research cofounder Ian Unsworth. “For one thing, they will ultimately be dwarfed by some of the other massive IPOs coming up.”

Unsworth also pointed to how the CLARITY Act, if passed, could be a strong tailwind for these companies. “A better regulatory environment could make these companies more appealing to potential investors,” he said.

Consensys, Ledger, and Kraken did not confirm to Sherwood if they had put their IPO plans on hold. A Consensys spokesperson told Sherwood, “As a matter of policy, we do not comment on market speculation,” while a Ledger representative declined to comment on the story.

Meanwhile, Lauren Post, Kraken’s vice president of corporate communications, told Sherwood that the company did not put out any public statements on freezing IPO plans.

XRP is among South Korea’s favorite coins.

In the last 24 hours, XRP saw the highest trading volume on South Korean exchange Upbit at over $105.3 million, a figure exceeding bitcoin’s $102.6 million, ethereum’s $62.9 million, and dogecoin’s $27.7 million, data from CoinGecko shows.

Meanwhile, spot XRP ETFs saw $5.3 million worth of inflows on Tuesday, bringing monthly inflows to more than $65.3 million, according to SoSoValue.

The activity has not, however, translated into positive momentum for the token, with XRP remaining flat at the $1.43 level in the period.

Prediction market-implied odds of XRP rising above $1.50 in May (a level that hasn’t been surpassed in over two months) now stand at 70%, up from as low as 9% at the start of the week.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)