Crypto wallet provider Ledger has suspended plans for a U.S. IPO due to difficult market conditions, according to two people with knowledge of the matter.
Ledger has not filed any proposed S-1 registration statement with the Securities and Exchange Commission (SEC), one of the people said. A confidential filing is typically the first formal step in the IPO process.
The French cryptocurrency security company has several options and could decide to raise capital privately, said the person, who spoke on condition of anonymity because the matter is not public.
In January, reports emerged that Ledger had hired U.S. investment banks for a possible IPO valued at around $4 billion. Goldman Sachs (GS), Jefferies (JEF) and Barclays (BARC) have reportedly advised on the offering, which could have come as early as this year.
A Ledger spokesperson declined to comment.
Ledger is best known for its hardware wallets that allow users to securely store cryptocurrencies offline. Its core business is protecting users’ private keys, the cryptographic credentials that control access to digital assets like bitcoin (BTC) and ether (ETH).
After a wave of cryptocurrency listings in 2025, several digital asset companies have started to rethink the timing of their IPOs as falling token prices, lower trading volumes and stock market volatility have weighed on investor appetite.
Kraken, one of the largest US crypto exchanges, suspended plans for a multibillion-dollar IPO earlier this year, despite having filed confidentially with the SEC in late 2025.
BitGo (BTGO), the only crypto-native company to go public in 2026, offered an early test of investor appetite for digital asset listings. It raised about $213 million in its January IPO, pricing shares above the $18 marketed range and briefly rising more than 20% in its debut on the New York Stock Exchange (NYSE).
This momentum proved short-lived. After an initial rally, BitGo shares fell below their IPO price, highlighting volatility and uneven investor sentiment over crypto companies seeking to tap public markets.
The shares are currently trading about 36% below their IPO price.
In March, Ledger named former Circle Internet (CRCL) executive John Andrews as chief financial officer and opened an office in New York as part of a broader expansion of its U.S. operations.
Andrews, who previously led capital markets and investor relations at Circle, joined the crypto security firm as demand from banks, asset managers and stablecoin issuers for digital asset infrastructure continues to grow.
The company said the New York office is part of a multimillion-dollar investment in its U.S. presence and will serve as a hub for Ledger Enterprise, its institutional infrastructure platform. Ledger also said the expansion would create dozens of new jobs in corporate and marketing functions.
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