Ledger has shelved its plans for a U.S. initial public offering, blaming the broader crypto market downturn for the decision. The French hardware wallet maker hasn't filed a draft S-1 with the SEC and is now looking at alternatives, including a private capital raise. The pullback marks the latest sign that investor appetite for crypto stocks has cooled sharply after a wave of listings in 2025.
Why the IPO is on hold
Just earlier in 2025, Ledger was exploring a public listing that could have valued the company near $4 billion. Goldman Sachs, Jefferies, and Barclays were on board to advise. But market conditions have soured. Bitcoin has traded around $80,000 in recent weeks, ether hovers near the $2,000 range. Spot trading volumes are down, venture funding for crypto startups has dropped. Equity performance of recently listed crypto firms has been uneven — BitGo's January IPO raised $213 million and popped on day one, then fell below its $18 offer price. That kind of aftermarket doesn't inspire confidence.
A broader industry pullback
Ledger isn't alone. Kraken paused its multibillion-dollar IPO plans earlier in 2025, despite having filed confidentially. Consensys has delayed its expected listing timeline. The 2025 wave of crypto companies going public has given way to a more cautious stance. Firms that rode the bull market optimism are now watching token prices erode and questioning whether public markets will reward them.
Ledger's institutional push continues
Even without the IPO, Ledger isn't standing still. The company appointed former Circle executive John Andrews as CFO in March and opened a New York office aimed at institutional clients. The pitch is straightforward: banks, asset managers, and stablecoin issuers need secure infrastructure for digital asset custody, and Ledger's core business — protecting private keys — fits that need. The firm has sold over seven million hardware wallets and secured over $100 billion in digital assets. Its last funding round, in 2023, valued it at $1.5 billion with backing from True Global Ventures and 10T Holdings.
Ledger hasn't given a timeline for revisiting the IPO. The immediate focus is on the private capital raise and expanding U.S. operations. The New York office and the new CFO signal a long-term bet on institutional adoption, even if the public markets have gone cold. For now, the company is waiting — like much of the crypto sector — for a window to open again.
