Ledger, the hardware wallet manufacturer, has postponed its IPO indefinitely due to challenging market conditions. This was reported by CoinDesk citing sources.
According to one insider, the French company has not submitted its S-1 registration statement to the U.S. Securities and Exchange Commission. A confidential filing is typically the first formal step in the IPO process.
It is also reported that Ledger is exploring various funding options and has the potential to raise capital privately.
News of the company's IPO plans emerged in January, when the wallet manufacturer was valued at around $4 billion—three times its valuation in 2023.
Major banks, including Goldman Sachs, Jefferies, and Barclays, served as advisors for the deal.
In November 2025, Ledger's CEO Pascal Gauthier also mentioned the possibility of going public, noting that as hacking incidents increased, the company's revenue surpassed "hundreds of millions of dollars."
Ledger is not the first crypto company to delay its IPO in 2026. In March, it was reported that the Kraken exchange also postponed similar plans indefinitely, citing difficult market conditions.
In contrast, BitGo, a custodian, successfully went public, debuting on the NYSE in January.
This success may echo last year’s performance, as 11 crypto companies went public in 2025, raising a total of $14.6 billion.
In March 2026, Gemini shareholders filed a class-action lawsuit against the crypto exchange, accusing the platform, its founders Tyler and Cameron Winklevoss, and executives of misleading investors during and after the IPO.