Ledger Puts US IPO Plans on Hold Amid Crypto Market Downturn

Ledger, a leading provider of hardware wallets for cryptocurrencies, has suspended its plans to list on the US stock exchange due to challenging market conditions.

The company had been preparing for an initial public offering (IPO) that could have valued it at over $4 billion, but instead may opt for a private fundraising round.

According to sources, Ledger had engaged with several major investment banks, including Goldman Sachs and Barclays, to facilitate the IPO process. However, the company's decision to pause its listing plans follows a decline in crypto market activity and prices.

Bitcoin's price has dropped by 25% since late 2025, while Ethereum has remained relatively stable at around $2,340 as of May. Venture capital inflows into the crypto sector have also contracted sharply, plunging by 74% between March and April.