Prominent hardware wallet maker Ledger has delayed its plan to go public in the US market due to unfavorable market conditions, which may weaken investor appetite for crypto listings.
The development was reported Wednesday by CoinDesk, based on sources familiar with the issue.
Ledger, which has sold more than seven million devices and secured over $100 billion in client assets, had been eyeing a US IPO that could value the company at more than $4 billion, the Financial Times reported in January. That would have doubled the $1.5 billion valuation it reached in a 2023 funding round.
According to reports, the Paris-based crypto hardware firm had engaged with Goldman Sachs, Jefferies, and Barclays on the potential IPO.
The company never actually filed a draft S-1 with the SEC. Sources said Ledger may instead pursue a private capital raise.
CEO Pascal Gauthier said in an interview that New York has become the global hub for crypto capital, stating that “money is in New York today for crypto.”
While the IPO is on hold, Ledger continues to build its US operations, including hiring John Andrews as Chief Financial Officer in March and establishing a New York office for its institutional business.
Market conditions behind the decision
Bitcoin fell from around $100,000 in late 2025 to roughly $75,000 by mid-April 2026, a 25% decline, while Ethereum was hovering near $2,340 as of May.
The downturn in prices came alongside weakening market activity, with spot trading volumes dropping by 19% between February and March alone. At the same time, venture capital inflows into crypto contracted sharply, plunging 74% from March to April.
Against this backdrop of deteriorating market conditions, Kraken also paused its multibillion-dollar IPO plans earlier this year, despite having confidentially filed with the SEC in late 2025.
BitGo, the crypto custody firm, went through with its January 2026 listing. BitGo priced its IPO at $18 per share, raised about $213M, and saw a debut-day pop of more than 20%. By May, BitGo shares were trading around $11.78, roughly 36% below the IPO price.
Where Ledger stands now
Founded in 2014, Ledger has grown into an infrastructure provider for both the person stashing a few thousand dollars in Bitcoin and the institution managing billions.
The company posted record revenue in 2025 amid rising demand from security-focused crypto investors and has sold over 7 million devices globally. Founded in 2014, it was valued at $1.5 billion in its 2023 funding round, backed by investors including True Global Ventures and 10T Holdings.
The IPO plans come as a wave of crypto firms go public in the US, including BitGo’s recent listing and earlier IPOs from Circle, Gemini, and Bullish following President Donald Trump’s return to office.
