Circle is reportedly considering delaying its initial public offering (IPO) following a market downturn triggered by newly imposed trade tariffs from U.S. President Donald Trump’s administration. The news comes from The Wall Street Journal.

According to the report, the company has entered a state of “anxious wait-and-see” as it re-evaluates its next steps.

Circle is one of several crypto-related firms — including Gemini, Kraken, and eToro — that announced IPO intentions over the past month. However, analysts believe that growing market instability may put those plans on hold.

“They’ll all back off. You can’t take a company public in a market that’s crashing like it did in 2008,” said Austin Campbell, head of payments firm WSPN and adjunct professor at New York University’s business school, in a comment to The Block.

Experts note that in bear markets, investor appetite for high-risk assets — such as crypto-related stocks — declines sharply. The same goes for underwriters and venture capital firms.

Campbell criticized the administration’s recent tariff decisions, calling them “the biggest economic mistake of the century,” with consequences that could disrupt global trade and potentially lead to a worldwide recession.

Earlier, Kevin Lehtiniitty, CEO of Borderless, warned that going public might be financially unfeasible for Circle under current conditions.