Ledger Pauses U.S. IPO Plans Amid Market Challenges

French cryptocurrency hardware wallet maker Ledger has paused plans for a U.S. initial public offering amid challenging market conditions and waning investor interest in crypto-related listings.

The Paris-based company, which had hired Goldman Sachs, Jefferies and Barclays earlier this year to advise on a potential New York Stock Exchange listing valued at roughly $4 billion, has not filed a draft S-1 registration statement with the Securities and Exchange Commission, the typical first formal step in the IPO process, according to people familiar with the matter. Ledger may instead pursue a private capital raise, one of the sources said. A company spokesperson declined to comment.

The decision reflects broader difficulties facing crypto firms eyeing public markets. Kraken's parent company, Payward, confidentially filed with the SEC in November 2025 but paused formal IPO preparations in March 2026 due to similar market headwinds. BitGo, the only crypto-native company to complete a U.S. listing this year, raised $213 million in January at $18 per share after pricing above its marketed range. Its shares, which surged more than 20 percent on debut, now trade around $12, down about 36...