Ledger reportedly pauses US IPO plans, market downturn may shift focus to private financing

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Is a crypto IPO winter approaching? French cold wallet giant Ledger has reportedly officially shelved its plans for a U.S. listing, valued at up to $4 billion, due to unfavorable market conditions. As crypto market volatility intensifies and token prices remain weak, Wall Street investors' appetite for digital asset firms is shrinking significantly. Peers like Kraken had previously paused their listing efforts, while BitGo, the only company to successfully go public this year, has seen its stock price plummet, falling 36% below its offering price. Nevertheless, Ledger continues to bet heavily on the U.S. market, actively expanding its institutional-grade business. (Previous coverage: Ledger CTO warns: 2026 will be the worst year for hackers, DeFi single-signature architecture harbors systemic crisis) (Background: Fake Ledger wallet appears on Apple App Store! 50 people hacked for $9.5 million, ZachXBT calls for class-action lawsuit against Apple) With the intensifying volatility in the cryptocurrency market and macroeconomic uncertainty, the ambitions of digital asset firms to enter traditional capital markets are facing a severe test. According to the latest news from foreign media citing two people familiar with the matter, Ledger, the world-renowned crypto hardware wallet manufacturer headquartered in France, has officially suspended its plans for an initial public offering (IPO) in the U.S. due to "difficult market conditions." Looking back at January of this year, the market was abuzz with rumors that Ledger had hired top investment banks such as Goldman Sachs, Jefferies, and Barclays as advisors to prepare for a U.S. IPO with a valuation of up to $4 billion, with expectations to list as early as this year. However, sources revealed that Ledger has yet to submit any draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), which is typically the first formal step in initiating the IPO process. Faced with the current situation, Ledger is re-evaluating its timeline for entering the public market and may decide to raise capital privately instead. Currently, a Ledger spokesperson has declined to comment on the matter. Ledger's retreat is not an isolated case. After a wave of crypto company listings in 2025, Wall Street investors' appetite for crypto firms has shrunk significantly due to weak token prices, declining trading volumes, and sharp stock market volatility. The brutal market reality can be seen in the following two indicative cases: - Kraken: As one of the largest cryptocurrency exchanges in the U.S., Kraken, despite having secretly filed with the SEC at the end of 2025, paused its multi-billion dollar IPO plan earlier this year. - BitGo ($BTGO): As the "only" crypto-native firm to successfully go public so far in 2026, BitGo raised approximately $213 million in its January IPO. Although its stock price soared more than 20% on the first day of trading, the honeymoon period was extremely short. Currently, BitGo's stock price has plummeted to about 36% below its IPO offering price, highlighting the extreme pessimism of secondary market investors toward crypto firms. Despite the temporary shelving of its IPO plans, Ledger's expansion of its business segments has not stopped, especially in the lucrative institutional services sector. In March of this year, Ledger announced the appointment of John Andrews, former Head of Capital Markets and Investor Relations at Circle, as Chief Financial Officer (CFO), and opened a new office in New York City as part of its multi-million dollar U.S. expansion plan. Ledger emphasized that this New York office will serve as the core hub for Ledger Enterprise (its institutional infrastructure platform) to meet the growing demand for digital asset infrastructure from banks, asset managers, and stablecoin issuers.

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