Ledger has shelved plans for a U.S. public offering as deteriorating market conditions dampen investor interest in crypto equities, according to sources familiar with the matter. The Paris-based hardware wallet manufacturer has not filed preliminary registration documents with the SEC and is now exploring alternative funding options, including private capital raises.
IPO Market Cools Across Crypto Sector
The hardware wallet provider had considered a 2026 public listing that could have valued the company near $4 billion, with Goldman Sachs, Jefferies, and Barclays retained as advisors. However, declining token prices, reduced trading volumes, and weak performance among recently listed crypto stocks have made the public markets less attractive for digital asset companies.
Ledger's decision reflects broader industry trends. Kraken paused its multibillion-dollar IPO despite filing confidentially in 2025, while Consensys has similarly pushed back its listing timeline. BitGo's January debut illustrated the challenging environment—the custody firm initially priced above its marketed range at $18 per share but has since traded significantly below that level.
Bitcoin has remained around $80,000 after hitting higher levels in late 2025, while ethereum holds near the mid-$2,000 range. Spot trading volumes and venture funding for crypto startups have both declined during this period.
Institutional Expansion Continues
Despite postponing public market plans, Ledger is advancing its U.S. institutional strategy. The company hired former Circle executive John Andrews as CFO in March and opened a New York office dedicated to serving banks, asset managers, and stablecoin issuers through its Ledger Enterprise platform.
Founded in 2014, Ledger has sold over seven million hardware wallets and secured more than $100 billion in digital assets. The company achieved a $1.5 billion valuation in a 2023 funding round backed by True Global Ventures and 10T Holdings.
For web3 professionals, these IPO delays signal a more cautious hiring environment at companies that had expected public listings to fuel expansion. However, Ledger's continued institutional push suggests sustained demand for custody and security expertise, particularly among professionals with experience serving enterprise clients in regulated environments. Companies pivoting from public market strategies to private growth may adjust their compensation structures and hiring timelines accordingly.
