Ledger Shuts Down IPO Dream Amid Crypto Crash: What It Means for Your Digital Wallet

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Crypto wallet provider Ledger puts U.S. IPO plans on hold due to market conditionsFinance

What to know:

  • Crypto wallet maker Ledger paused plans for a U.S. IPO because of unfavorable market conditions, according to two people familiar with the process.
  • The French cryptocurrency security firm had reportedly hired Goldman Sachs, Jefferies and Barclays earlier this year for a potential IPO that could have valued the company at roughly $4 billion.
  • Ledger has expanded in the U.S., appointing former Circle executive John Andrews as CFO in March and opening a New York office focused on its institutional business and Ledger Enterprise platform.

Ledger, a company that makes crypto wallets, has paused its planned initial public offering (IPO) in the U.S. because of the current challenging financial market, sources say.

According to a source, Ledger hasn’t yet submitted its initial IPO paperwork to the Securities and Exchange Commission (SEC). Filing a confidential draft registration statement is usually the first official move a company makes when preparing to go public.

The company, a French cryptocurrency security firm, is considering several ways to get more funding, including raising money privately, according to a source familiar with the situation. This person asked not to be named because the details haven’t been made public yet.

Reports surfaced in January that Ledger, a cryptocurrency hardware wallet manufacturer, was considering going public with an initial public offering (IPO). The company reportedly engaged Goldman Sachs, Jefferies, and Barclays to help with the process, which could have happened as soon as this year, with a potential valuation of approximately $4 billion.

A Ledger spokesperson declined to comment.

Ledger is famous for its hardware wallets, which allow people to safely store cryptocurrencies offline. Essentially, the company focuses on keeping users’ private keys – the secret codes that give access to digital currencies like Bitcoin and Ethereum – secure.

Following a surge in new cryptocurrency offerings in 2025, many digital asset companies started to delay their plans to become publicly traded. This was due to falling token values, decreased trading activity, and instability in the stock market, all of which made investors more hesitant.

Kraken, a major cryptocurrency exchange in the U.S., put its plans for a multi-billion dollar initial public offering (IPO) on hold earlier this year, even though it had secretly filed paperwork with the Securities and Exchange Commission (SEC) in late 2025.

BitGo (BTGO), a company focused on digital assets, became the first of its kind to launch on the public stock market in 2026. Its initial public offering (IPO) in January showed strong investor interest, raising approximately $213 million. Shares were priced at $18 – higher than initially expected – and saw a quick jump of over 20% when trading began on the New York Stock Exchange (NYSE).

The initial gains didn’t last. BitGo’s stock price quickly fell below what it originally offered shares for, highlighting how unpredictable investor feelings are towards cryptocurrency companies trying to become publicly traded.

The shares are currently trading about 36% below their IPO price.

Ledger expanded its presence in the U.S. this March by opening a new office in New York City and bringing on John Andrews, previously of Circle Internet Financial, as its new CFO.

After leading capital markets and investor relations at Circle, Andrews has joined the crypto security firm. This move comes as banks, investment firms, and stablecoin creators increasingly need reliable infrastructure for digital assets.

Ledger is significantly investing in the U.S., and its new New York office is a key part of that plan. The office will be a central location for Ledger Enterprise, the company’s platform for institutional clients. This expansion is also expected to create many new jobs in areas like enterprise solutions and marketing.

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2026-05-13 17:45