Ledger, the French crypto security firm, has reportedly put its plans to go public in the US on hold amid difficult market conditions. The move reflects broader caution across the crypto sector as several companies are reassessing public listings amid shrinking token valuations, subdued trading, and rising volatility in global markets.
People with knowledge of the situation say that Ledger has not yet filed an S-1 draft with the US Securities and Exchange Commission (SEC), which is typically the initial step toward an IPO. A public offering was discussed earlier in January, with reports valuing the company at around $4 billion.
In January, the company reportedly secured the advisory services of Barclays, Jefferies, and Goldman Sachs on the possible offering.
Ledger's move follows a slowdown in crypto asset IPOs after 2025 saw a surge in crypto listings. Since then, several crypto companies have postponed or scrapped public listings, given a weaker appetite among investors.
Kraken also halted its IPO plans earlier this year after reportedly filing confidentially with the SEC in late 2025.
BitGo, one of the few crypto-native companies to go public in 2026, initially raised $213 million for its IPO in January. The firm sold stock at a higher-than-brokered price of $18 and skyrocketed over 20% when it was first listed on the New York Stock Exchange.
But investor excitement faded quickly, as shares of BitGo are now priced almost 36% lower than their offering price.
This has led to a more cautious attitude from institutional investors towards new listings of crypto companies, considering the lack of uniformity in performance.
The IPO is on hold, but Ledger's business in the US keeps growing. In March, the company appointed former Circle executive John Andrews as chief financial officer and opened a new office in New York focused on institutional crypto infrastructure services.
The former head of Circle’s investor relations and capital markets (IRCM) division now leads the function at Ledger, as demand for secure digital asset custody solutions by banks, asset managers, and stablecoin issuers grows.
The New York office will be tasked with helping to grow the marketing and enterprise teams.
Also Read: BitGo IPO Opens 2026 Crypto Listings With Strong NYSE Debut
Ledger is one of the most popular hardware wallet providers, offering a range of products that enable users to securely store their cryptocurrency, including Bitcoin and Ethereum, offline. The key to the company's business is private key security, which is the primary means of access to digital assets.
As institutional investment in crypto markets grows globally, the demand for digital asset security infrastructure is still rising, even with the current uncertainty in the market.