Ledger has reportedly paused its plans for a US initial public offering, a deal that had been discussed at a valuation of $4 billion. Citing two people familiar with the matter, reports said the French hardware wallet maker is reassessing its path to public markets because of difficult market conditions and may seek private funding instead.
No S-1 filing yet as timeline is reevaluated
Back in January, market chatter said Ledger had hired Goldman Sachs, Jefferies, and Barclays as advisers for a US listing that could have come as early as this year. That process appears to have stalled. According to the people cited in the report, Ledger has not submitted a draft S-1 registration statement to the US Securities and Exchange Commission, the formal first step for most IPOs.
The same report said the company is now reviewing its timetable and could choose to raise capital privately to fund operations. Ledger declined to comment through a spokesperson.
Crypto IPO appetite weakens after recent listings disappoint
Ledger's reported pause comes as investor demand for crypto-linked equities has softened. The report tied the shift to weaker token prices, lower trading volumes, and sharp swings in equity markets after a wave of crypto company listing activity in 2025.
Kraken, one of the largest US crypto exchanges, had confidentially filed with the SEC in late 2025, yet it also paused its multibillion-dollar IPO plans earlier this year. BitGo offers another reference point. It remains the only crypto-native company to go public in 2026 so far, raising about $213 million in its January IPO. Its stock jumped more than 20% on debut, then gave back those gains. The shares are now trading about 36% below the IPO price.
US institutional push continues despite delayed listing
Even with the IPO on hold, Ledger is still spending on its US expansion. In March, the company named former Circle capital markets and investor relations executive John Andrews as chief financial officer and opened a new office in New York as part of a multimillion-dollar push in the country.
Ledger said the New York office would serve as a hub for Ledger Enterprise, its institutional infrastructure platform, aimed at meeting demand from banks, asset managers, and stablecoin issuers for digital asset infrastructure.