Ledger has postponed its IPO indefinitely due to difficult market conditions, exploring private funding options instead.
Ledger, a prominent manufacturer of hardware wallets, has decided to delay its initial public offering (IPO) indefinitely due to unfavorable market conditions. This information comes from insider sources reported by CoinDesk.
As of now, the French company has not filed its S-1 registration statement with the U.S. Securities and Exchange Commission, which is typically the initial step in the IPO process.
Additionally, Ledger is reportedly considering various funding avenues and has the capacity to raise capital through private channels.
The company's IPO intentions first surfaced in January, when Ledger was valued at approximately $4 billion—three times its valuation from the previous year.
Major financial institutions such as Goldman Sachs, Jefferies, and Barclays were engaged as advisors for the IPO initiative.
In November 2025, CEO Pascal Gauthier indicated that the company was contemplating going public, especially as incidents of hacking surged and revenue reached "hundreds of millions of dollars."
Ledger's postponement is not an isolated case; earlier this year, the Kraken exchange also halted its IPO plans citing similar market difficulties.
In contrast, BitGo, a digital asset custodian, successfully went public on the NYSE in January, highlighting a varying landscape for crypto companies in the IPO arena.
Last year, 11 cryptocurrency firms managed to go public, raising a total of $14.6 billion, indicating a period of robust activity for the sector despite current challenges. Meanwhile, in March 2026, Gemini faced a class-action lawsuit from shareholders who accused the exchange and its founders of misleading investors during and after its IPO.
