Ledger has suspended plans for a Ledger IPO, citing difficult market conditions and low investor appetite for crypto listings.
Summary
- The French hardware wallet maker had hired Goldman Sachs, Jefferies and Barclays to advise on a possible U.S. listing valued at around $4 billion.
- Ledger has not filed a proposed S-1 with the SEC and may instead proceed with a private capital raise, according to people familiar with the matter.
- The pause follows Kraken’s IPO delay and comes as BitGo, the only crypto-native company to list in 2026, is trading 36% below its January IPO price.
Ledger, the French maker of crypto hardware wallets, has suspended plans for a U.S. IPO, according to two people with knowledge of the matter.
The company had considered a New York listing at a valuation of about $4 billion and has not filed a proposed S-1 registration statement with the SEC, the standard first formal step toward a U.S. listing.
Ledger had hired Goldman Sachs, Jefferies and Barclays earlier this year to advise on the offering. A Ledger spokesperson declined to comment. The company could instead proceed with a private capital increase, according to one of the people familiar with the matter.
What motivates the break
The decision reflects a broader cooling in investor appetite for crypto-native listings in the United States. Falling token prices, lower trading volumes, and stock market volatility have made institutional investors more selective.
BitGo, the only crypto-native company to go public in 2026, raised $213 million in January at $18 per share after pricing it above its marketed range. These shares have since fallen about 36% from that price.
Kraken’s parent company, Payward, also suspended formal preparations for its IPO in March due to difficult market conditions, although it filed confidentially with the SEC in late 2025.
The trend of delays indicates that the wave of cryptocurrency listings after 2025 has not been strong enough to absorb all the companies that had been preparing for the public markets.
Despite Ledger’s IPO, the company has been actively expanding in the United States. In March, Ledger named former Circle executive John Andrews as CFO and opened an office in New York to serve as a hub for Ledger Enterprise, its institutional infrastructure platform targeting banks, asset managers and stablecoin issuers. CEO Pascal Gauthier previously described a U.S. listing or a private funding round in 2026 as two viable paths for the company.
What is Ledger and why it is institutionally important
Ledger has sold more than seven million hardware wallets worldwide and holds approximately $100 billion in customer assets on its platform. Its hardware wallets secure private keys offline and are widely used by retail and institutional investors.
Ledger Enterprise, the new revenue layer, targets large financial institutions that need digital asset custody infrastructure.
The company was last valued at $1.5 billion in a 2023 funding round. Demand for secure crypto storage has increased sharply since 2025, as on-chain attacks and exchange vulnerabilities have pushed users and institutions toward cold storage solutions. Ledger’s IPO pause leaves its institutional ambitions on hold for now without permanently closing the door.
