Ledger has paused its planned US initial public offering, the company confirmed this week, becoming the second major crypto firm in months to shelve a high-profile listing. The wallet maker had not yet filed a confidential S-1 with the SEC — the formal first step — and may now pursue private fundraising instead of going public. The shift comes as crypto IPO momentum stalls and investors grow wary of thinly traded public listings.
Why the IPO went on ice
Ledger had hired Goldman Sachs, Jefferies, and Barclays to lead a potential New York listing valued above $4 billion. But the company never moved forward with the paperwork. The decision follows a pattern: Kraken shelved its own IPO in March after confidentially filing in November 2025. Kraken's valuation slipped to $13.3 billion in April from a $20 billion peak last year — a 33% haircut that underscores the market's chill.
The only crypto firm to complete a US listing this year, BitGo, hasn't fared well either. It debuted at $18 per share and now trades near $12, more than 30% below its offer price. That kind of performance doesn't exactly inspire confidence in the next wave of issuers.
What Ledger is doing instead
Rather than push toward an IPO, Ledger completed a $50 million secondary share sale in March, giving existing investors some liquidity without a public offering. The company is also bulking up US operations — it recently hired a CFO from Circle and is building enterprise custody products aimed at banks. CEO (name not provided in facts — use role) has said Ledger secures over $100 billion in client crypto assets, a figure that gives it leverage in private markets.
Private fundraising may be the easier path right now. The company can raise capital without the scrutiny of public markets and without having to worry about a sliding stock price dragging down morale.
CEO: 'Going public in US, yes it's a strong consideration'
Ledger's chief executive told reporters that a US listing remains on the table long term. “Going public in US, yes it's a strong consideration,” the CEO stated. But no timeline was given, and the pause suggests the window isn't wide enough yet.
The pipeline for crypto listings is essentially closed for now. Industry insiders say the reopening depends on token prices, trading volumes, and — critically — how the next crypto-adjacent listing performs. If the next company that goes public tanks like BitGo, more firms will stay private. If it pops, the dam could break.
For now, Ledger is waiting. The company hasn't said whether it will try for a later IPO or pivot entirely to private rounds. One thing is clear: the confidence that drove valuations above $4 billion last year has faded, and nobody is rushing to test the market.
