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According to a report published by CoinDesk, crypto hardware wallet maker 
Ledger has paused plans for a U.S. IPO because of unfavorable market conditions, citing two people familiar with the process.
What's the Scoop?
- Pressing Pause: Ledger is reportedly delaying its rumored U.S. initial public offering (IPO). According to CoinDesk, the French-based crypto hardware wallet maker is "reassessing its public market plans as volatile conditions weigh on investor appetite for crypto IPOs." When reached for comment, a Ledger spokesperson declined to provide one.
- Under Consideration: Although Ledger has yet to file a draft S-1 registration form with the Securities and Exchange Commission – the initial step in commencing the IPO process – reports that the wallet maker is pursuing a public listing have been circulating since last November, when CEO Pascal Gauthier told the Financial Times that his company was weighing either a New York IPO or a private funding round in 2026. Subsequently, in January, the Financial Times reported that Ledger was exploring a $4B NYSE IPO alongside investment banks Goldman Sachs, Jefferies, and Barclays, with a potential debut also slated for 2026.
- Previous Raise: Ledger previously raised a $380M Series C funding round in 2021 that valued the company at $1.5B. It subsequently "added" $385M to the round in 2023 at similar terms.
Crypto security firm Ledger pauses IPO plans amid volatile crypto markets.
The French crypto security firm, which is said to have explored a potential $4 billion U.S. listing, is reassessing its public market plans as volatile conditions weigh on investor appetite for crypto IPOs.
Will Canny
