French hardware wallet maker Ledger has put its US initial public offering (IPO) on hold, joining Kraken in pausing plans to list on public markets. This move follows a decline in valuation of crypto operators, making it less appealing for companies like Ledger to go public.
Ledger had hired investment banks Goldman Sachs, Jefferies, and Barclays earlier this year to lead the potential listing, valued above $4 billion. However, the company has not filed a confidential S-1 with the Securities and Exchange Commission (SEC), which is the formal first step towards a US listing.
The pause in Ledger's IPO plans comes as the crypto market continues to face challenges, including regulatory scrutiny and declining valuations. Kraken, another prominent crypto player, shelved its own IPO in March after confidentially filing with the SEC in November 2025.