Ledger has shelved its plans for a US initial public offering and is now looking at raising money privately instead, according to people familiar with the matter. The French hardware wallet maker's decision underscores the tough environment for crypto companies trying to go public in 2026.
Why the IPO fell through
The company had been working toward a US listing for months, but volatile crypto markets and a cautious regulatory climate made the timing wrong. Ledger isn't the first crypto firm to hit pause on an IPO this year — several others have quietly pulled filings or shifted to private rounds. A public offering demands consistent revenue visibility and a clear regulatory path, two things that remain elusive for many in the space.
Private fundraising instead
By turning to private markets, Ledger can raise capital without the quarterly pressure of public shareholders. The company has already held preliminary talks with potential investors, though no terms or valuation have been disclosed. Private fundraising also lets Ledger keep its strategic plans under wraps — something that's harder to do in a public filing.
Broader headwinds
The delay highlights just how much the landscape has shifted. A year ago, crypto IPOs were all the rage. Now, exchanges and wallet providers are recalibrating. Regulators in the US have been unpredictable, and the market's reaction to new listings has been mixed at best. For Ledger, staying private buys time — time to see if the market stabilizes and the SEC's stance becomes clearer.
Ledger hasn't ruled out a future IPO entirely. But for now, the focus is on closing a private round. The company hasn't set a deadline for the fundraising, and insiders say discussions are still early. The next few months will show whether private money is enough to fund Ledger's growth — or whether the IPO window will open again.
