{"id":28477,"date":"2026-05-13T18:14:22","date_gmt":"2026-05-13T18:14:22","guid":{"rendered":"https:\/\/bitunikey.com\/news\/ledger-ipo-plans-shelved-over-market-conditions\/"},"modified":"2026-05-13T18:14:37","modified_gmt":"2026-05-13T18:14:37","slug":"ledger-ipo-plans-shelved-over-market-conditions","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/ledger-ipo-plans-shelved-over-market-conditions\/","title":{"rendered":"Ledger IPO plans shelved over market conditions"},"content":{"rendered":"

<\/p>\n

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Ledger has put its Ledger IPO plans on hold, citing difficult market conditions and weak investor appetite for crypto listings.<\/p>\n

\n
\n Summary<\/span>\n <\/div>\n
\n
    \n
  • The French hardware wallet maker had hired Goldman Sachs, Jefferies, and Barclays to advise on a potential US listing valued at around $4 billion.<\/li>\n
  • Ledger has not filed a draft S-1 with the SEC and may pursue a private capital raise instead, according to people familiar with the matter.<\/li>\n
  • The pause follows Kraken\u2019s IPO delay and comes as BitGo, the only crypto-native company to list in 2026, trades 36% below its January IPO price.<\/li>\n<\/ul><\/div>\n<\/div>\n

    <\/p>\n

    Ledger, the French crypto hardware wallet maker, has paused its plans for a US initial public offering, according to two people with knowledge of the matter. <\/p>\n

    The company had explored a New York listing at a valuation of roughly $4 billion and has not filed a draft S-1 registration statement with the SEC, the standard first formal step toward a US listing.<\/p>\n

    Ledger had hired Goldman Sachs, Jefferies, and Barclays earlier this year to advise on the offering. A Ledger spokesperson declined to comment. The company may instead pursue a private capital raise, according to one of the people familiar with the matter.<\/p>\n

    What is driving the pause<\/h2>\n

    The decision reflects a broader cooling in investor appetite for crypto-native US listings. Weaker token prices, lower trading volumes, and volatile equity markets have made institutional investors more selective. <\/p>\n

    BitGo, the only crypto-native firm to go public in 2026, raised $213 million in January at $18 per share after pricing above its marketed range. Those shares have since fallen roughly 36% from that price.<\/p>\n

    <\/p>\n

    Kraken\u2019s parent Payward also paused formal IPO preparations in March due to difficult market conditions, despite having confidentially filed with the SEC in late 2025. <\/p>\n

    The pattern of delays signals that the post-2025 crypto listing wave has not been strong enough to absorb all the firms that had prepared for public markets.<\/p>\n

    Despite the Ledger IPO hold, the company has been actively expanding in the US. In March, Ledger appointed former Circle executive John Andrews as CFO and opened a New York office to serve as a hub for Ledger Enterprise, its institutional infrastructure platform targeting banks, asset managers, and stablecoin issuers. CEO Pascal Gauthier had previously described a US listing or private round in 2026 as two viable paths for the company.<\/p>\n

    What Ledger is and why it matters institutionally<\/h3>\n

    Ledger has sold over seven million hardware wallets globally and holds an estimated $100 billion in client assets on its platform. Its hardware wallets secure private keys offline and are widely used by both retail and institutional investors. <\/p>\n

    Ledger Enterprise, the newer revenue layer, targets large financial institutions that need digital asset custody infrastructure.<\/p>\n

    The firm was last valued at $1.5 billion in a 2023 funding round. Demand for secure crypto storage has grown sharply since 2025, as on-chain attacks and exchange vulnerabilities pushed users and institutions toward cold storage solutions. The Ledger IPO pause leaves its institutional ambitions on hold for now without closing the door permanently.<\/p>\n

    <\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

    Ledger has put its Ledger IPO plans on hold, citing difficult market conditions and weak investor appetite for crypto listings. Summary The French hardware wallet maker had hired Goldman Sachs,…<\/p>\n","protected":false},"author":1,"featured_media":15573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-28477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=28477"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28477\/revisions"}],"predecessor-version":[{"id":28478,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28477\/revisions\/28478"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/15573"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=28477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=28477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=28477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}