Ledger, Consensys Get Cold Feet As Crypto IPO Window Slams Shut

Ledger has put plans for a U.S. initial public offering on hold as crypto market conditions weigh on investor demand for new listings, according to people with knowledge of the matter, according to a report from CoinDesk. 

The Paris-based hardware wallet maker has not filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission, a step that signals formal IPO intent. The company is weighing alternatives, including a private capital raise, one source said.

Earlier this year, Ledger explored a public listing that could have valued the firm near $4 billion. Goldman Sachs, Jefferies, and Barclays were engaged to advise on the potential offering, which had been under consideration for 2026.

The decision reflects a broader shift across the digital asset sector, where firms have pulled back from public markets after a wave of listings in 2025. Lower token prices, weaker trading volumes, and uneven equity performance have reduced investor appetite for crypto stocks.

Bitcoin has traded around the $80,000 level in recent weeks after reaching higher levels in late 2025, while ether has held near the mid-$2,000 range. Market activity has also cooled, with declines in spot trading volumes and a drop in venture funding tied to crypto startups.

Other crypto companies are delaying IPOs as well

Other companies have taken similar steps. Kraken paused its multibillion-dollar IPO plans earlier this year despite a confidential filing in 2025. Consensys has also delayed its expected listing timeline, according to separate reports.

BitGo’s January debut offered a test case for public market demand. The crypto custody firm raised about $213 million and priced shares at $18, above its marketed range. The stock rose during its first day of trading but later fell below its offer price and now trades far lower, highlighting volatility tied to crypto equities.

Ledger continues to expand its U.S. presence despite the IPO delay. The company appointed former Circle executive John Andrews as chief financial officer in March and opened a New York office focused on institutional clients and its Ledger Enterprise platform.

The firm aims to serve banks, asset managers, and stablecoin issuers that seek secure infrastructure for digital asset custody. Its core business centers on protecting private keys, which control access to cryptocurrencies such as bitcoin and ether.

Founded in 2014, Ledger has sold more than seven million hardware wallets and secured over $100 billion in digital assets, according to company figures. It reached a $1.5 billion valuation in a 2023 funding round backed by firms including True Global Ventures and 10T Holdings.

While the public listing remains on hold, the company’s expansion signals continued focus on institutional growth as demand for secure crypto infrastructure holds across market cycles.