Key Takeaways:
French crypto hardware wallet maker Ledger has paused its planned US initial public offering, sources familiar with the matter said, shelving a listing expected to be valued at over $4 billion and adding to a string of delayed crypto debuts.
"Ledger has not filed a confidential S-1 with the Securities and Exchange Commission (SEC), the formal first step toward a US listing, and may pursue private fundraising instead," one source said. The Paris-based firm, which says it secures over $100 billion in client assets, had reportedly hired Goldman Sachs, Jefferies, and Barclays to lead the New York listing.
The decision follows a wider trend of crypto-native companies pulling back from public offerings amid macroeconomic uncertainty and poor market performance. Crypto exchange Kraken shelved its own IPO plans in March, while Ethereum app builder Consensys delayed its listing until at least the fall. The market’s reception to the one crypto firm that did go public this year, BitGo (BTGO), has been a major warning sign. The company’s stock now trades near $12, more than 30% below its $18 IPO price from January.
For Ledger, the pause means it must rely on private markets for liquidity and growth capital. The company, founded in 2014, conducted a $50 million secondary share sale in March but now misses a major exit opportunity for early investors and employees. The broader IPO pipeline for the crypto sector is not expected to reopen until the second half of 2026, contingent on a significant recovery in token prices and improved investor sentiment.
This article is for informational purposes only and does not constitute investment advice.
