Crypto wallet provider Ledger has suspended its plans to go public in the US due to difficult market conditions, according to two people with knowledge of the matter.
Ledger has not filed any draft S-1 registration statements with the Securities and Exchange Commission (SEC), one of the people said. A confidential filing is typically the first formal step in the IPO process.
The French cryptocurrency security company has several options and could decide to raise capital privately, said the person, who spoke on condition of anonymity because the matter is not public.
In January, reports emerged that Ledger had hired US investment banks for a potential initial public offering valued at around $4 billion. Goldman Sachs (GS), Jefferies (JEF) and Barclays (BARC) were said to be advising on the offering, which could have come as early as this year.
A Ledger spokesman declined to comment.
Ledger is best known for its hardware wallets that allow people to store cryptocurrencies securely offline. Its core business is protecting users’ private keys, the cryptographic credentials that control access to digital assets such as bitcoin (BTC) and ether (ETH).
Following a wave of cryptocurrency listings in 2025, several digital asset companies began rethinking their IPO timelines as weaker token prices, lower trading volumes and volatile stock markets weighed on investor appetite.
Kraken, one of the largest US crypto exchanges, paused its multibillion-dollar IPO plans earlier this year despite filing a confidential filing with the SEC in late 2025.
BitGo (BTGO), the only crypto-native company set to go public in 2026, offered an early test of investor appetite for digital asset listings. It raised about $213 million in its January initial public offering, valuing shares above the trading range at $18 and briefly rising more than 20% in its debut on the New York Stock Exchange (NYSE).
The boost proved short-lived. After an initial rally, BitGo shares retreated below its initial public offering price, underscoring the volatility and uneven investor sentiment facing crypto companies seeking to access public markets.
The stock is currently trading about 36% below its initial public offering price.
In March, Ledger named former Circle Internet (CRCL) executive John Andrews as chief financial officer and opened an office in New York City as part of a broader expansion of its U.S. operations.
Andrews, who previously led capital markets and investor relations at Circle, joined the crypto security firm as demand from banks, asset managers and stablecoin issuers for digital asset infrastructure continues to grow.
The company said the New York office was part of a multibillion-dollar investment in its U.S. presence and would serve as a hub for Ledger Enterprise, its institutional infrastructure platform. Ledger also said the expansion would create dozens of new jobs in business and marketing functions.
Read more: Kraken Parent Payward Seeks New Funding at $20 Billion Valuation Ahead of Planned IPO
