Why Has Crypto Wallet Maker Ledger Paused its U.S. IPO Plans?

TLDR

• Ledger has put its planned U.S. IPO on hold due to unfavorable market conditions.
• The French crypto wallet firm had explored a public listing valued around $4B.
• Ledger has not filed a draft S-1 registration statement with the SEC.
• The company may consider private fundraising instead of an immediate IPO.
• Ledger expanded in the U.S. with a New York office and CFO John Andrews.

Crypto wallet maker Ledger has put its U.S. initial public offering plans on hold as weaker market conditions weigh on investor demand for digital asset listings.

The French crypto security company had explored a possible U.S. public listing that could have valued the firm at about $4 billion, according to reports citing people familiar with the matter. Ledger has not filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission, which is usually an early formal step in an IPO process.

The company is now reassessing its options and may consider raising capital privately instead of moving forward with an immediate public listing. A Ledger spokesperson declined to comment on the reported delay.

Ledger is best known for its hardware wallets, which allow users to store cryptocurrency private keys offline. The company’s devices are used to protect access to digital assets such as Bitcoin and Ethereum. Ledger has reportedly sold more than 7 million devices and helps secure more than $100 billion in client assets.

Market Conditions Slow Crypto IPO Plans

Ledger’s decision comes during a weaker period for crypto public listings. Lower token prices, reduced trading volumes and volatile equity markets have made investors more selective toward digital asset companies seeking to go public.

Reports earlier this year said Ledger had hired Goldman Sachs, Jefferies and Barclays to advise on a potential U.S. IPO. The listing was expected to be considered as early as 2026, depending on market conditions.

The company’s reported pause follows similar moves by other crypto firms. Kraken also delayed its public listing plans after previously making progress toward an IPO. The exchange had reportedly filed confidentially with the SEC in late 2025 but later paused the process as market conditions changed.

BitGo became one of the few crypto-native companies to test the U.S. IPO market in 2026. The company raised about $213 million in January after pricing shares above the marketed range. Its shares rose in early trading but later fell below the IPO price, showing the uneven demand facing crypto-related stocks.

Ledger Expands U.S. Presence

Despite delaying its IPO plans, Ledger has continued expanding its U.S. operations. In March, the company appointed former Circle executive John Andrews as chief financial officer.

Andrews previously worked on capital markets and investor relations at Circle. His appointment came as Ledger increased its focus on banks, asset managers and stablecoin issuers seeking digital asset infrastructure.

Ledger also opened a New York office as part of a multimillion-dollar U.S. expansion. The office is expected to serve as a hub for Ledger Enterprise, the company’s institutional platform.

Ledger Enterprise provides infrastructure for firms that need secure custody, governance and transaction controls for digital assets. The New York office is expected to support enterprise and marketing roles as the company builds its institutional business.

The expansion reflects growing demand for crypto security tools among professional investors and regulated financial firms, even as public market appetite for crypto stocks remains uneven.

Private Funding Remains an Option

Ledger may still pursue private capital if it decides not to enter the public market soon. Private fundraising could allow the company to strengthen its balance sheet without facing IPO pricing pressure or public-market volatility.

The company’s core business remains tied to crypto security. Hardware wallets and institutional custody tools are central to the broader digital asset market because users and firms need protection for private keys.

Ledger’s IPO delay does not mean the company has abandoned public-market plans permanently. It shows that timing remains important for crypto firms considering listings, especially when investor sentiment toward digital assets is mixed.

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