Ledger, a French company specializing in cryptocurrency security, has decided to suspend its plans for an initial public offering (IPO) in the United States due to challenging market conditions. This decision comes as investor interest in crypto-related IPOs diminishes amidst fluctuating market dynamics.
According to sources familiar with the situation, Ledger has not submitted any draft S-1 registration statement to the Securities and Exchange Commission (SEC), which is typically the initial step in the IPO process. The firm is now considering alternative options, including the possibility of raising capital through private channels.
In January, Ledger reportedly engaged U.S. investment banks, including Goldman Sachs, Jefferies, and Barclays, to explore a potential IPO valued at approximately $4 billion. This offering was anticipated to take place as early as this year.
Despite the halted IPO plans, Ledger remains a significant player in the cryptocurrency space, primarily known for its hardware wallets that enable users to securely store digital assets offline. The company focuses on safeguarding private keys, which are essential for accessing cryptocurrencies such as Bitcoin and Ether.
The broader cryptocurrency market has seen a reevaluation of IPO timelines following a series of listings in 2025. Factors such as declining token prices, reduced trading volumes, and erratic equity markets have contributed to a cautious investor sentiment. For instance, Kraken, one of the largest U.S. crypto exchanges, recently paused its own multibillion-dollar IPO plans despite having confidentially filed with the SEC.
BitGo, the only cryptocurrency-native company to go public in 2026, conducted an IPO that raised approximately $213 million in January. However, after an initial surge, BitGo’s shares have since fallen significantly, currently trading about 36% below their IPO price, highlighting the volatility that crypto firms face in public markets.
In a strategic move to bolster its U.S. presence, Ledger appointed John Andrews, a former executive at Circle Internet, as its chief financial officer in March. The company also opened a new office in New York City, part of a multimillion-dollar investment aimed at expanding its operations in the U.S. market. This office is expected to serve as a hub for Ledger Enterprise, its institutional infrastructure platform, and is projected to create numerous job opportunities in various sectors.
Ledger has paused its U.S. IPO plans due to unfavorable market conditions, reflecting broader challenges faced by cryptocurrency firms in the public market. The company is exploring alternative funding options while continuing to expand its U.S. operations.