Crypto hardware wallet maker Ledger has paused plans for a U.S. IPO amid weak crypto market conditions and is instead considering alternatives including a private funding round.
Ledger has put plans for a U.S. initial public offering on hold as crypto market conditions weigh on investor demand for new listings, according to people with knowledge of the matter, according to a report from CoinDesk.
The Paris-based hardware wallet maker has not filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission, a step that signals formal IPO intent. The company is weighing alternatives, including a private capital raise, one source said.
Earlier this year, Ledger explored a public listing that could have valued the firm near $4 billion. Goldman Sachs, Jefferies, and Barclays were engaged to advise on the potential offering, which had been under consideration for 2026.
The decision reflects a broader shift across the digital asset sector, where firms have pulled back from public markets after a wave of listings in 2025. Lower token prices, weaker trading volumes, and uneven equity performance have reduced investor appetite for crypto stocks.
