Crypto Industry Leaders Put IPO Plans on Hold Amid Market Volatility

Two major players in the crypto industry have put their initial public offerings (IPOs) on hold due to challenging market conditions. Ledger, a Paris-based hardware wallet maker, has paused plans for a U.S. IPO that could have valued the firm near $4 billion. The decision reflects a broader shift across the digital asset sector, where firms are pulling back from public markets after a wave of listings in 2025.

Lower token prices, weaker trading volumes, and uneven equity performance have reduced investor appetite for crypto stocks. Bitcoin has traded around the $80,000 level in recent weeks, while ether has held near the mid-$2,000 range. Market activity has also cooled, with declines in spot trading volumes and a drop in venture funding tied to crypto startups.

Other companies, including Kraken and Consensys, have taken similar steps by delaying their IPOs. BitGo's January debut offered a test case for public market demand, but the company's stock has since fallen below its offer price, highlighting volatility tied to crypto equities. Despite this, Ledger continues to expand its US presence and focus on institutional growth.