Ledger has put plans for a U.S. preliminary public providing on maintain as crypto market situations weigh on investor demand for brand spanking new listings, in line with folks with information of the matter, in line with a report from CoinDesk.
The Paris-based {hardware} pockets maker has not filed a draft S-1 registration assertion with the U.S. Securities and Trade Fee, a step that alerts formal IPO intent. The corporate is weighing options, together with a non-public capital increase, one supply mentioned.
Earlier this 12 months, Ledger explored a public itemizing that might have valued the agency close to $4 billion. Goldman Sachs, Jefferies, and Barclays had been engaged to advise on the potential providing, which had been into account for 2026.
The choice displays a broader shift throughout the digital asset sector, the place companies have pulled again from public markets after a wave of listings in 2025. Decrease token costs, weaker buying and selling volumes, and uneven fairness efficiency have decreased investor urge for food for crypto shares.
Bitcoin has traded across the $80,000 degree in latest weeks after reaching larger ranges in late 2025, whereas ether has held close to the mid-$2,000 vary. Market exercise has additionally cooled, with declines in spot buying and selling volumes and a drop in enterprise funding tied to crypto startups.
Different crypto firms are delaying IPOs as effectively
Different firms have taken comparable steps. Kraken paused its multibillion-dollar IPO plans earlier this 12 months regardless of a confidential submitting in 2025. Consensys has additionally delayed its anticipated itemizing timeline, in line with separate experiences.
BitGo’s January debut provided a check case for public market demand. The crypto custody agency raised about $213 million and priced shares at $18, above its marketed vary. The inventory rose throughout its first day of buying and selling however later fell beneath its provide value and now trades far decrease, highlighting volatility tied to crypto equities.
Ledger continues to broaden its U.S. presence regardless of the IPO delay. The corporate appointed former Circle government John Andrews as chief monetary officer in March and opened a New York workplace targeted on institutional purchasers and its Ledger Enterprise platform.
The agency goals to serve banks, asset managers, and stablecoin issuers that search safe infrastructure for digital asset custody. Its core enterprise facilities on defending personal keys, which management entry to cryptocurrencies similar to bitcoin and ether.
Based in 2014, Ledger has offered greater than seven million {hardware} wallets and secured over $100 billion in digital property, in line with firm figures. It reached a $1.5 billion valuation in a 2023 funding spherical backed by companies together with True International Ventures and 10T Holdings.
Whereas the general public itemizing stays on maintain, the corporate’s enlargement alerts continued concentrate on institutional progress as demand for safe crypto infrastructure holds throughout market cycles.