Ledger has put its plans for an initial public offering in the U.S. on hold as the crypto market thrives on the need for businesses to create new listings, according to people familiar with the matter. report from CoinDesk.
The Paris-based hardware wallet maker has yet to file an S-1 filing with the US Securities and Exchange Commission, a step that signals its intention to IPO. The company is looking at other options, including raising private equity, a source said.
Earlier this year, Ledger investigated a public listing that would have valued the company at nearly $4 billion. Goldman Sachs, Jeffery, and Barclays were engaged to advise on the potential offering, which was being considered in 2026.
This decision marks a major change in the entire area of digital assets, where companies will leave the public markets after the number of listings in 2025. Low prices, low trading volume, and inconsistent performance have reduced investor interest in crypto stocks.
Bitcoin has sold about $80,000 level in recent weeks after reaching high levels by the end of 2025, ether has been around the $2,000 range. Market activity has also slowed, with a drop in trading capital and a drop in investment associated with crypto startups.
Some crypto companies are also delaying IPOs
Other companies have done the same. Kraken he paused Its plans for a multi-billion dollar IPO earlier this year though it listed privately in 2025. Consensys has also delayed the expected date, according to sources. reports.
BitGo in January first appearance provided the necessary test for the public market. The crypto custody company raised about $ 213 million with shares valued at $ 18, above its sales. The coin rose on the first day of trading but later fell below its offer price and is now trading at record lows, reflecting the volatility associated with crypto equities.
Ledger continues to expand its presence in the US despite the IPO delay. The company to be chosen former Circle CEO John Andrews as chief financial officer in March and opened a New York office that focuses on clients and its Ledger Enterprise platform.
The company aims to serve banks, asset managers, and stablecoin providers who are looking for secure ways to store their digital assets. Its core business deals with protecting private keys, which control access to cryptocurrencies such as bitcoin and ether.
Founded in 2014, Ledger has sold more than 7 million wallets and earned more than $100 billion in digital assets, according to company statistics. It reached $1.5 billion in funding in 2023 with the support of companies including True Global Ventures and 10T Holdings.
Although the list of people is still there, the additional signs of the company continue to focus on the growth of the organization as the need for secure crypto infrastructure is working in the market.
