Crypto wallet provider Ledger has put its plans for a U.S. IPO on hold due to difficult market conditions, according to two people with knowledge of the matter. The French crypto security firm, known for its hardware wallets that store cryptocurrencies offline, had reportedly hired investment banks Goldman Sachs, Jefferies, and Barclays in January for a potential IPO valued at around $4 billion. However, weaker token prices, lower trading volumes, and volatile equity markets have weighed on investor appetite for crypto IPOs, leading Ledger to reassess its public market plans. The company has not filed any draft S-1 registration statement with the SEC, and may instead raise capital privately. This pause mirrors a trend among digital-asset firms: Kraken's parent company also paused its multibillion-dollar IPO plans earlier this year, and BitGo, the only crypto-native company to go public in 2026, saw its shares trade about 36% below its IPO price. Despite the IPO delay, Ledger continues to expand its U.S. operations, appointing former Circle executive John Andrews as CFO in March and opening a New York City office to support its institutional infrastructure platform, Ledger Enterprise.

Key facts

• Ledger's U.S. IPO plans are on hold due to poor market conditions.
• The company had hired Goldman Sachs, Jefferies, and Barclays for a potential $4 billion listing.
• Ledger has not filed any S-1 with the SEC and may raise capital privately.
• BitGo shares trade 36% below their IPO price, reflecting weak investor sentiment for crypto IPOs.
• Ledger continues U.S. expansion with a new CFO and New York office despite IPO delay.