- Ledger paused its planned IPO and may pursue private fundraising instead of a public listing.
- Weak crypto markets and falling trading volumes pressured several firms to delay IPO plans.
- Ledger expanded its U.S. operations despite postponing its public listing ambitions.
Ledger has paused its planned U.S. initial public offering as weak crypto markets continue hurting investor demand for digital asset listings. People familiar with the matter said the Paris-based wallet maker has not filed a draft S-1 with the U.S. Securities and Exchange Commission and may instead pursue private fundraising. The delay follows broader market weakness that also pushed other crypto firms, including Kraken and Consensys, to slow public listing efforts.
Ledger Shelves Public Listing Plans
According to reports, Ledger had hired Goldman Sachs, Jefferies, and Barclays earlier this year to prepare for a possible IPO. The company reportedly targeted a valuation near $4 billion during the process.
However, worsening crypto market conditions slowed momentum for new listings. Bitcoin prices retreated sharply after late-2025 highs, while crypto trading activity weakened across major exchanges.
At the same time, venture capital funding for crypto firms also dropped heavily between March and April. Consequently, several firms reassessed plans to enter public markets.
Sources said Ledger has not submitted any confidential registration filing to the SEC. Instead, the company may raise private capital while monitoring market conditions.
Market Weakness Hits Crypto Listings
The broader crypto sector has faced weaker investor appetite since February. Spot trading volumes reportedly fell 19% between February and March alone.
Meanwhile, BitGo became one of the few crypto-native firms to complete a public listing this year. The custody company raised around $213 million during its January IPO.
Although BitGo shares initially surged after listing, the stock later dropped roughly 36% below its IPO price. That performance increased pressure on other crypto companies considering public offerings.
Kraken also paused its IPO plans earlier this year despite previously filing confidential paperwork with regulators. Likewise, Consensys delayed its potential listing until at least late 2026.
Ledger Expands U.S. Presence
Despite delaying its IPO, Ledger continues expanding operations in the United States. The company hired John Andrews as chief financial officer in March.
Ledger also opened a New York office focused on institutional business operations. CEO Pascal Gauthier previously said New York had become the center of crypto capital activity.
Founded in 2014, Ledger has sold more than seven million hardware wallets globally. The company secured over $100 billion in client assets and reached a $1.5 billion valuation during its 2023 funding round.
