Crypto wallet provider Ledger put plans to go public in the US on hold due to difficult market conditions, according to two people with knowledge of the matter.
Ledger has not filed any draft S-1 registration statement with the Securities and Exchange Commission (SEC), one of the people said. A confidential filing is typically the first formal step in the IPO process.
The French cryptocurrency security firm has a number of options and may decide to raise capital privately, said the person, who spoke on condition of anonymity because the matter is not public.
In January, reports emerged that Ledger had hired US investment banks for a potential IPO worth around $4 billion. Goldman Sachs ( GS ), Jefferies ( JEF ) and Barclays ( BARC ) were said to be advising on the offer, which could come as early as this year.
A Ledger spokesman declined to comment.
Ledger is best known for its hardware wallets that let people securely store cryptocurrencies offline. Its core business is protecting users’ private keys, the cryptographic credentials that control access to digital assets like bitcoin (BTC) and ether (ETH).
Following a wave of crypto IPOs in 2025, several digital asset firms began rethinking their IPO timelines as weaker token prices, lower trading volumes and volatile stock markets weighed on investor appetite.
Kraken, one of the largest US crypto exchanges, put its multibillion-dollar IPO plans on hold earlier this year despite filing confidential information with the SEC by the end of 2025.
BitGo (BTGO), the only crypto-native company to go public in 2026, offered an early test of investor appetite for digital assets. It raised about $213 million in its IPO in January, priced shares above the market range at $18 and briefly rose more than 20% in its debut on the New York Stock Exchange (NYSE).
The momentum proved to be short-lived. After an initial rally, BitGo shares retreated below their IPO price, underscoring the volatility and choppy investor sentiment facing crypto firms seeking to tap public markets.
The shares are currently trading around 36% below their IPO price.
In March, Ledger appointed former Circle Internet ( CRCL ) executive John Andrews as chief financial officer and opened an office in New York City as part of a broader expansion of the company’s US operations.
Andrews, who previously led capital markets and investor relations at Circle, joins the crypto security firm as demand from banks, asset managers and stablecoin issuers for digital asset infrastructure continues to grow.
The company said the New York office was part of a multimillion-dollar investment in its US footprint and would serve as a hub for Ledger Enterprise, its institutional infrastructure platform. Ledger also said the expansion would create dozens of new jobs across corporate and marketing functions.
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