# Ledger Shelves IPO Ambitions, Cites Unfavorable Market Conditions: CoinDesk

*Author: Jack Inabinet*
*Published: May 13, 2026*
*Source: https://www.bankless.com/fr/read/news/ledger-shelves-ipo-ambitions-cites-unfavorable-market-conditions-coindesk*

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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](https://www.bankless.com/read/news/ledger-eyes-ipo-raise-amid-record-year) 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](https://www.bankless.com/read/news/crypto-wallet-manufacturer-ledger-targets-2026-ipo-ft) 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](https://techcrunch.com/2021/06/10/ledger-raises-380-million-for-its-crypto-hardware-wallet/) a $380M Series C funding round in 2021 that valued the company at $1.5B. It subsequently "[added](https://techcrunch.com/2023/03/30/crypto-wallet-company-ledger-raises-another-108-million/)" $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.![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/icon/apple-touch-icon-180x180-4.png)CoinDeskWill Canny![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/thumbnail/7791428a89c2740397aa6789f3e5877d0c1a1a39-1500x1000.jpg)](https://www.coindesk.com/business/2026/05/13/crypto-wallet-provider-ledger-puts-u-s-ipo-plans-on-hold-due-to-market-conditions)