Ledger Halts Ipo Plans Due To Market Conditions

French crypto security firm @Ledger has put its U.S. initial public offering on hold, citing unfavorable market conditions. The decision marks a significant step back from what had been one of the more closely watched potential listings in the digital asset space.

A $4 Billion Debut That Will Have to Wait

Reports emerged in January that Ledger had hired U.S. investment banks for a potential IPO valued at around $4 billion, with Goldman Sachs, Jefferies, and Barclays said to be advising on the offering, which could have come as early as this year. The deal never reached the formal filing stage. Ledger has not filed any draft S-1 registration statement with the Securities and Exchange Commission (SEC). The company is said to have a number of options and could decide to raise capital privately instead.

Ledger is best known for its hardware wallets that let people securely store cryptocurrencies offline, with its core business centered on protecting users' private keys, the cryptographic credentials that control access to digital assets like $BTC and $ETH. The company was valued at $1.5 billion in its 2023 funding round.

A Broader Chill on Crypto Listings

After a wave of crypto listings in 2025, several digital-asset firms began rethinking their IPO timelines as weaker token prices, lower trading volumes, and volatile equity markets weighed on investor appetite. Ledger is not alone. Kraken, one of the largest U.S. crypto exchanges, paused its multibillion-dollar IPO plans earlier this year despite having confidentially filed with the SEC in late 2025.

The performance of recent crypto listings has done little to encourage new entrants. BitGo, the only crypto-native company to go public in 2026, raised about $213 million in its January IPO, pricing shares above the marketed range at $18 and briefly surging more than 20% in its NYSE debut. After an initial rally, BitGo shares retreated below their IPO price, underscoring the volatility and uneven investor sentiment facing crypto firms seeking to tap public markets, with the stock currently trading about 36% below its IPO price.

Despite shelving the IPO, Ledger has continued building out its U.S. presence. In March, the company appointed former Circle Internet executive John Andrews as chief financial officer and opened a New York City office, which it said would serve as a hub for Ledger Enterprise, its institutional infrastructure platform. The company's long-term path to public markets remains open, but the timing will depend on conditions improving materially.

Sources:
CoinDesk: Ledger puts U.S. IPO plans on hold due to market conditions
Unchained Crypto: Ledger considers IPO as 2025 profits soar