Ledger has put its planned U.S. initial public offering on hold and has not submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission. People familiar with the matter said the Paris-based hardware wallet maker may seek private funding instead of moving ahead with a public listing in the near term.
The decision comes as investor demand for crypto-related listings has weakened across the market. Ledger had reportedly hired Goldman Sachs, Jefferies, and Barclays earlier this year to prepare for a possible IPO, with a valuation target of nearly $4 billion. That momentum has faded as market conditions turned less supportive for new offerings.
Lower trading activity narrows the listing window
The company’s delay reflects a broader slowdown in crypto markets. According to the report, Bitcoin retreated sharply from late-2025 highs, while trading activity across major exchanges also weakened. Spot trading volumes fell 19% from February to March alone.
Private capital conditions also deteriorated. Venture funding for crypto firms dropped heavily between March and April, pushing several companies to revisit the timing of public market plans. For firms considering a listing, weaker token prices and thinner exchange volumes have made the market harder to read.
BitGo’s post-IPO decline adds pressure on peers
Only a small number of crypto-native companies have completed public listings this year, and BitGo is one of them. The custody firm raised about $213 million in its January IPO. Its shares jumped after the debut, but later traded roughly 36% below the IPO price.
That performance has added pressure on others weighing the same path. Kraken paused its IPO plans earlier this year even after previously filing confidential paperwork with regulators. Consensys also pushed back its own potential listing until at least late 2026.
U.S. expansion continues despite the delay
Ledger is still building out its U.S. presence. The company hired John Andrews as chief financial officer in March and opened a New York office focused on institutional business operations. CEO Pascal Gauthier had previously said New York had become the center of crypto capital activity.
Founded in 2014, Ledger has sold more than 7 million hardware wallets worldwide. The company says it has secured over $100 billion in client assets and reached a $1.5 billion valuation in its 2023 funding round. For now, it is keeping the IPO on pause while watching market conditions.