Ledger Postpones U.S. IPO

Crypto wallet provider Ledger has put its plans to go public in the U.S. on hold due to difficult market conditions, according to two people with knowledge of the matter. The French cryptocurrency security firm had hired Goldman Sachs, Jefferies and Barclays earlier this year for a potential IPO that could have valued the company at roughly $4 billion.

Ledger has not filed any draft S-1 registration statement with the Securities and Exchange Commission, one of the people said. A confidential filing is typically the first formal step in the IPO process. The company has a number of options and could decide to raise capital privately, the person added.

A Ledger spokesperson declined to comment.

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. 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.

BitGo, the only crypto-native company to go public in 2026, raised about $213 million in its January IPO. The shares priced above the marketed range at $18 and briefly surged more than 20% in their New York Stock Exchange debut. The momentum proved short-lived, however, and the shares are currently trading about 36% below their IPO price.

U.S. operations. The New York office was part of a multimillion-dollar investment in its U.S. footprint and would serve as a hub for its institutional infrastructure platform. The expansion was expected to create dozens of new jobs across enterprise and marketing functions.

Ledger is best known for its hardware wallets that let people securely store cryptocurrencies offline. Its core business is protecting users’ private keys, the cryptographic credentials that control access to digital assets like bitcoin and ether.