French hardware wallet maker Ledger has paused its planned US IPO, citing unfavorable market conditions. The company had hired Goldman Sachs, Jefferies, and Barclays earlier this year for a potential listing valued above $4 billion, but has not filed a confidential S-1 with the SEC and may pursue private fundraising instead. This follows Kraken's IPO shelving in March, after its valuation slipped to $13.3 billion from a $20 billion peak. BitGo, the only crypto firm to complete a US listing this year, trades more than 30% below its offer price. The pause impacts Ledger investors and employees, limiting exit options. Despite this, Ledger continues to grow US operations, hiring a CFO from Circle and building enterprise custody products. The IPO pipeline reopening depends on token prices and trading volumes in the second half of 2026.

Key facts

• Ledger pauses US IPO, has not filed S-1 with SEC, may seek private funding.
• Kraken shelved its IPO in March after valuation fell to $13.3 billion.
• BitGo trades 30% below its $18 IPO price from January 2026.
• Ledger continues US expansion, hires CFO from Circle for enterprise custody.
• IPO pipeline reopening depends on token prices and trading volumes.