Cryptocurrency hardware wallet manufacturer Ledger has halted its plans for a U.S. initial public offering (IPO), citing unfavorable market conditions and diminished investor demand. The French company had explored a listing that could have valued it at around $4 billion but has not yet filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission. According to reports, Ledger may now consider private fundraising as an alternative to an immediate public listing.
The decision comes during a broader downturn in the crypto market, marked by lower token prices, reduced trading volumes, and volatile equity conditions. It echoes similar moves by other digital asset firms: Kraken has suspended its IPO progress, and BitGo, which went public earlier this year, is trading 36% below its offering price. Ledger’s pause signals weak near-term confidence among institutional investors in crypto-related stocks.
Despite the IPO delay, Ledger continues to expand its U.S. presence. It recently appointed former Circle executive John Andrews as CFO and opened a New York office to serve institutional clients through Ledger Enterprise. The company says its core operations—selling hardware wallets and securing over $100 billion in client assets across more than 7 million devices—will continue unaffected. The IPO suspension is a strategic financial move, not an operational change.
