Ledger Pauses $4 Billion U.S. IPO Amid Crypto Market Downturn

Ledger has paused its plans for a U.S. initial public offering that targeted a valuation of roughly $4 billion, joining a wave of crypto companies retreating from public markets amid deteriorating conditions. The Paris-based hardware wallet manufacturer had hired Goldman Sachs, Barclays, and Jefferies to prepare for a New York Stock Exchange listing but never filed a draft S-1 registration with the Securities and Exchange Commission. CEO Pascal Gauthier had previously weighed a U.S. listing against a private funding round for 2026, and the company is now pivoting toward raising capital privately.

The decision reflects a broader collapse in crypto IPO activity. Consensys, the Ethereum development firm behind MetaMask, pushed its listing timeline back to autumn 2026. Kraken also paused its multibillion-dollar IPO plans earlier this year. BitGo remains the only crypto-native company to go public in 2026, and its stock has fallen 36% since its January debut. The downturn is driven by a 25% drop in Bitcoin prices, geopolitical upheaval, reduced expectations for interest rate cuts, and a contraction in venture capital.

Despite the hostile market, Ledger continues to grow its core business, generating over $100 million in annual revenue and selling more than 7 million devices. The company recently opened a New York office to support U.S. expansion and appointed John Andrews, formerly an executive at Circle Internet, as Chief Financial Officer to manage its financial strategy.