Ledger Postpones IPO Amid Market Volatility

Ledger postpones IPO indefinitely due to market conditions.

The hardware wallet manufacturer Ledger has indefinitely postponed its IPO due to challenging market conditions, according to CoinDesk, citing sources.

One insider revealed that the French firm has not submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. Confidential filing of documents is typically the first formal step in the process of going public.

It is also reported that Ledger is exploring various financing options and has the ability to raise capital privately.

News of the company’s IPO plans emerged in January, when the wallet manufacturer was valued at approximately $4 billion—three times the figure for 2023.

Major banks, including Goldman Sachs, Jefferies, and Barclays, were acting as advisors for the deal.

In November 2025, Ledger CEO Pascal Gauthier also mentioned a potential public offering. He noted that as the number of hacking attacks increased, his company’s revenue exceeded “hundreds of millions of dollars.”

Ledger is not the first crypto company to delay an IPO in 2026. In March, the media learned that the exchange Kraken had similarly postponed its plans indefinitely, also citing difficult market conditions.

Conversely, custodian BitGo successfully completed its stock offering. In January, the company debuted on the NYSE.

This success likely echoes the previous year. In 2025, 11 crypto companies went public, collectively raising $14.6 billion.

Earlier in March 2026, Gemini shareholders filed a class-action lawsuit against the crypto exchange. The plaintiffs accuse the platform, its founders Tyler and Cameron Winklevoss, and top executives of misleading investors during and after the IPO.