Ledger, the French cryptocurrency security firm that explored a potential $4 billion U.S. listing, has put its public market ambitions on hold as difficult market conditions weigh on investor appetite for crypto IPOs, according to two people with knowledge of the matter.

Market Context

The move places Ledger alongside Kraken, one of the largest U.S. crypto exchanges, which also paused its multibillion-dollar IPO plans earlier this year despite having confidentially filed with the Securities and Exchange Commission in late 2025. The pullback comes after a wave of crypto listings in 2025 gave way to renewed caution as weaker token prices, lower trading volumes and volatile equity markets dampened institutional demand for digital asset equities.

Analysis

Ledger has not filed any draft S-1 registration statement with the SEC, one of the people said, noting that a confidential filing is typically the first formal step in the IPO process. The company has a number of options available and could decide to raise capital privately instead of pursuing a public listing at this time, the person added.

In January, reports emerged that Ledger had hired U.S. investment banks for a potential IPO valued at around $4 billion. Goldman Sachs, Jefferies and Barclays were said to be advising on the offering, which could have come as early as this year. A Ledger spokesperson declined to comment on the latest developments.

The timing reflects broader headwinds facing crypto-native companies seeking public market access. BitGo (BTGO), the only crypto firm to complete a U.S. IPO in 2026, offered an early test of investor appetite for digital asset listings. The cryptocurrency custodian raised about $213 million in its January IPO, pricing shares above the marketed range at $18 and briefly surging more than 20% on its New York Stock Exchange debut.

The momentum proved short-lived. After an initial rally, BitGo shares retreated below their IPO price, underscoring volatility and uneven sentiment facing crypto firms seeking to tap public markets. The shares are currently trading approximately 36% below their IPO price of $18.

Despite the IPO pause, Ledger has continued expanding its U.S. presence. In March, the company appointed former Circle Internet executive John Andrews as chief financial officer and opened an office in New York City as part of a broader push into American markets. The company described the New York expansion as part of a multimillion-dollar investment in its U.S. footprint that would serve as a hub for Ledger Enterprise, its institutional infrastructure platform.

Key Numbers

- $4 billion: Potential valuation Ledger explored for U.S. IPO listing

- ~$213 million: Amount BitGo raised in January 2026 IPO

- $18: BitGo IPO pricing per share (above marketed range)

- -36%: BitGo's current decline from IPO price

- $65 million: Valuation reference for comparable crypto infrastructure deals cited in related coverage

What to Watch

Market participants should monitor whether Ledger pursues alternative financing routes, including private fundraising rounds or strategic investments. The company's New York office expansion and recent CFO hire suggest continued U.S. market focus regardless of listing timeline. Additionally, broader crypto equity sentiment will be key—any sustained recovery in token prices or trading volumes could prompt other crypto firms to revisit deferred IPO plans.

Kraken's next moves remain closely watched after the exchange paused its own multibillion-dollar public offering earlier this year. Any improvement in market conditions that prompts Kraken to restart its listing process would likely influence Ledger's strategic calculus, industry observers say.