• Ledger, the Paris-based crypto security firm, has halted its planned US initial public offering due to unfavorable market conditions, according to people familiar with the matter.
  • The company has not filed a confidential S-1 with the SEC and may instead pursue private fundraising, as volatility in crypto equities and a tightening IPO window deter listings.
  • Ledger, best known for its hardware wallets that store crypto offline, had been valued at around $4 billion in earlier reports, with Goldman Sachs, Jefferies, and Barclays advising.

A Cautious Pause

Ledger’s decision to pause its US IPO reflects broader headwinds in the crypto market, where investor appetite for new listings has waned. The company had not yet submitted a confidential S-1 filing, according to sources, signaling that the offering was in early stages. Instead, Ledger is exploring private fundraising options, a move that aligns with recent delays by peers like Kraken.

"Market conditions just aren't supportive right now," said a person familiar with the company's thinking. "They're being prudent." Ledger declined to comment when reached.

The pullback comes after a period of heightened activity: Ledger reported nine-figure revenue in 2025, and its hardware wallets remain a staple for crypto self-custody. But the broader IPO window has tightened, with investors demanding stronger fundamentals and regulatory clarity before backing public listings.

Private Path Forward?

Ledger’s pause underscores a shift toward private markets for crypto infrastructure firms. Without a deal, the company would not be forced into bankruptcy—it remains well-capitalized—but the delay could temper near-term liquidity for employees and early investors. The company may now seek a large private round, potentially from strategic investors eyeing the growing demand for secure custody solutions.

The move also highlights regulatory uncertainty: Crypto oversight remains fragmented, with the SEC and CFTC still grappling for jurisdiction. Until clearer rules emerge, public listings for crypto firms may remain on hold.

Correction: An earlier version of this article misstated the timing of Ledger's revenue disclosure. The company reported nine-figure revenue in 2025, not 2024.