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Ledger has postponed its plans for an initial public offering in the United States due to unfavorable cryptocurrency market conditions affecting investor interest in new public offerings, as reported by CoinDesk, citing individuals familiar with the matter.
The hardware wallet manufacturer, based in Paris, has not yet submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission, which is a prerequisite for declaring formal IPO intentions. One source indicated that the company is contemplating alternative funding methods, such as a private equity round.
Earlier this year, Ledger explored the possibility of going public, a move that could have potentially valued the enterprise at approximately $4 billion. Goldman Sachs, Jefferies, and Barclays were enlisted to provide advisory services for the prospective offering, which had been slated for consideration in 2026.
This decision reflects a broader trend within the digital asset industry, where companies have retreated from public markets following a surge of listings in 2025. Declining token valuations, diminished trading activity, and inconsistent stock market performance have collectively reduced the enthusiasm of investors for cryptocurrency-related stocks.
In recent weeks, Bitcoin has been trading around the $80,000 mark after reaching higher valuations in late 2025, while ether has stabilized near the mid-$2,000 range. Market engagement has also decelerated, evidenced by a decrease in spot trading volumes and a reduction in venture capital funding for crypto startups.
Other cryptocurrency firms are also postponing their IPOs
Similar actions have been taken by other companies. Kraken suspended its multi-billion dollar IPO plans earlier this year, despite having filed confidentially in 2025. Additionally, Consensys has deferred its anticipated listing schedule, according to separate reports.
BitGo’s debut in January served as an indicator of public market demand. The crypto custody firm successfully raised around $213 million, pricing its shares at $18, which was above its initial target range. Although the stock saw an increase on its first day of trading, it subsequently dropped below its offering price and is currently trading significantly lower, underscoring the inherent volatility associated with crypto equities.
Despite the postponement of its IPO, Ledger is continuing to enhance its U.S. operations. In March, the company appointed John Andrews, a former executive at Circle, as its chief financial officer and established a New York office dedicated to serving institutional clients and its Ledger Enterprise platform.
The company’s objective is to provide services to banks, asset management firms, and stablecoin issuers requiring robust infrastructure for digital asset safekeeping. Its primary business involves safeguarding private keys, which are essential for controlling access to cryptocurrencies like bitcoin and ether.
Established in 2014, Ledger has reportedly sold over seven million hardware wallets and secured more than $100 billion in digital assets, according to company data. In a 2023 funding round, which included investments from entities like True Global Ventures and 10T Holdings, the company achieved a valuation of $1.5 billion.
While the public offering remains paused, the company’s ongoing expansion initiatives signify a sustained focus on institutional growth, reflecting the persistent demand for secure cryptocurrency infrastructure across varying market conditions.
Learn more at : bitcoinmagazine.com