French hardware wallet maker Ledger has put its plans for a US initial public offering (IPO) on hold due to challenging market conditions. The decision reflects a broader cooling of investor appetite for crypto-native listings in the US.
The company had explored a New York listing at a valuation of roughly $4 billion and had hired investment banks Goldman Sachs, Jefferies, and Barclays to advise on the offering. However, Ledger has not filed a draft S-1 registration statement with the SEC, which is typically the first formal step toward a US listing.
The pause in Ledger's IPO plans follows the delay of Kraken's IPO and comes as BitGo, the only crypto-native company to list in 2026, trades 36% below its January IPO price. This development suggests that the post-2025 crypto listing wave has not been strong enough to absorb all the firms that had prepared for public markets.