Crypto Wallet Provider Ledger Puts IPO Plans On Hold
Crypto wallet provider Ledger has paused its plans to go public in the U.S., citing difficult market conditions.
Ledger has not filed any paperwork with the U.S. Securities and Exchange Commission (SEC), nor has it filed confidentially to hold an initial public offering (IPO).
The French cryptocurrency company has a number of options and could decide to raise capital privately rather than list its stock on a U.S. exchange.
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Earlier this year, reports surfaced that Ledger had hired U.S. investment banks for a potential IPO valued at $4 billion U.S.
Wall Street firms Goldman Sachs (NYSE: $GS) and Jefferies (NYSE: $JEF) were reported to be advising on the IPO, which was expected later this year.
Ledger is known for its hardware wallets that let people securely store cryptocurrencies such as Bitcoin (CRYPTO: $BTC) offline.
Its core business is protecting users’ private keys, the credentials that control access to digital assets such as BTC and Ethereum (CRYPTO: $ETH).
After a wave of crypto IPOs in 2025, several digital-asset firms have put their listing plans on hold amid weak prices, lower trading volumes, and volatile stocks.
Kraken, one of the largest U.S. crypto exchanges, recently paused its multibillion-dollar IPO plans for this year despite having confidentially filed with the SEC in late 2025.
Earlier this year, Ledger appointed former Circle Internet Group (NYSE: $CRCL) executive John Andrews as its new chief financial officer (CFO) and opened an office in New York City.
Andrews, who previously led investor relations at Circle, joined the crypto security firm as demand from banks, asset managers, and stablecoin issuers grows.
Ledger has been trying to demonstrate its growth plans ahead of an IPO.