Ledger, the Paris-based hardware wallet manufacturer, has shelved its plans for a U.S. initial public offering as crypto market conditions dampen investor demand for new listings, according to people familiar with the matter reported by CoinDesk. The company has not filed a draft S-1 registration statement with the SEC, a step that signals formal IPO intent. Sources said Ledger is weighing alternatives, including a private capital raise.
Ledger Pauses U.S. IPO Amid Crypto Winter
Earlier this year, Ledger explored a public listing that could have valued the firm near $4 billion. Goldman Sachs, Jefferies, and Barclays were engaged to advise on the potential offering, which was under consideration for 2026. However, weaker market conditions forced a pause.
The decision mirrors a broader shift in the digital asset sector: after a wave of listings in 2025, firms have retreated from public markets. Lower token prices, weaker trading volumes, and uneven equity performance have reduced investor appetite for crypto stocks. Bitcoin has traded around $80,000 in recent weeks after peaking in late 2025, while ether holds near the mid-$2,000 range. Spot trading volumes have declined, and venture funding for crypto startups has dropped.
Other Crypto Companies Delay IPOs as Well
Several other crypto firms have taken similar steps. Kraken paused its multibillion-dollar IPO plans earlier this year despite a confidential filing in 2025. Consensys has also delayed its expected listing timeline, according to separate reports. The window for crypto IPOs appears to be closing across the board.
BitGo’s January debut provided a test case for public market demand. The crypto custody firm raised about $213 million at $18 per share, above its marketed range. The stock rose on its first trading day but later fell below its offer price and now trades far lower, highlighting volatility tied to crypto equities.
BitGo's Post-IPO Volatility Highlights Crypto Equity Risks
BitGo's performance contrasts with earlier crypto IPOs such as Coinbase’s 2025 debut, which initially saw strong demand. The subsequent decline in BitGo’s share price indicates that investors demand higher risk premiums for crypto stocks, and market liquidity remains cautious.
Despite IPO Delay, Ledger Expands Institutional Business
Ledger continues to strengthen its U.S. presence despite the IPO setback. The company appointed former Circle executive John Andrews as Chief Financial Officer in March and opened a New York office focused on institutional clients and its Ledger Enterprise platform. The firm aims to serve banks, asset managers, and stablecoin issuers seeking secure infrastructure for digital asset custody—its core business revolves around protecting private keys that control access to cryptocurrencies like bitcoin and ether.
Founded in 2014, Ledger has sold over seven million hardware wallets and secured more than $100 billion in digital assets, according to company data. It reached a $1.5 billion valuation in a 2023 funding round backed by True Global Ventures and 10T Holdings. While the public listing remains on hold, the company’s expansion signals continued focus on institutional growth as demand for secure crypto infrastructure persists across market cycles.