- Ledger has reportedly paused plans for a U.S. initial public offering due to difficult market conditions.
- The company has not filed a confidential draft S-1 registration statement with the SEC.
- Ledger may consider raising capital privately instead of pursuing an IPO.
- Goldman Sachs, Jefferies, and Barclays were previously reported to be advising on a potential IPO valued at around $4 billion.
- The company recently expanded its U.S. operations with a New York office and appointed former Circle executive John Andrews as CFO.
Ledger Pauses U.S. IPO Plans
Crypto wallet provider Ledger has reportedly put its plans for a U.S. public listing on hold due to difficult market conditions, according to two people familiar with the matter. One of the people said Ledger has not submitted a confidential draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), which is generally considered the first formal step toward an initial public offering.
The person also said the French cryptocurrency security company could consider other options, including raising capital privately. The individual spoke on condition of anonymity because the matter is not public. Reports published in January stated that Ledger had hired U.S. investment banks Goldman Sachs, Jefferies, and Barclays to advise on a possible IPO that could value the company at around $4 billion. The offering was reportedly being considered for as early as this year.
Crypto Market Conditions Affect IPO Activity
Ledger is widely known for its hardware wallets, which allow users to securely store cryptocurrencies offline. The company’s business focuses on protecting private keys, which are cryptographic credentials used to control access to digital assets including bitcoin and ether. After a series of crypto-related public listings in 2025, several digital asset firms reportedly reconsidered their IPO timelines as weaker cryptocurrency prices, lower trading activity, and volatility in equity markets affected investor demand. Kraken, one of the largest cryptocurrency exchanges in the United States, also reportedly paused its multibillion-dollar IPO plans earlier this year despite confidentially filing with the SEC in late 2025. The broader market environment has also affected recently listed crypto companies. BitGo highlighted the challenging environment for crypto-related IPOs. The company raised approximately $213 million through its January public listing and saw early gains after debuting on the market. However, the momentum later weakened, with the stock currently trading about 36% below its IPO price.
Ledger Expands U.S. Operations
In March, Ledger appointed former Circle Internet executive John Andrews as chief financial officer and opened a new office in New York City as part of an expansion of its U.S. operations. Before joining Ledger, Andrews led capital markets and investor relations at Circle. His appointment came as demand for digital asset infrastructure from banks, asset managers, and stablecoin issuers continued to increase.
“John Andrews brings the institutional rigor and financial leadership necessary to scale Ledger’s global vision,” said Pascal Gauthier, chairman and CEO of Ledger. “His deep experience at the intersection of traditional finance and digital assets is exactly what is required as we deepen our footprint in the United States.”
Ledger said its New York office represents part of a multimillion-dollar investment in its U.S. business and will serve as a hub for Ledger Enterprise, the company’s institutional infrastructure platform. The company also stated that the expansion would create dozens of new jobs across enterprise and marketing functions.
FAQs
1. What does Ledger do?
Ledger develops cryptocurrency security products and infrastructure, including hardware wallets and enterprise solutions designed to protect digital asset private keys.
2. Why did Ledger pause its IPO plans?
Ledger reportedly paused its U.S. IPO plans due to difficult market conditions, including weaker cryptocurrency prices, lower trading volumes, and volatility in equity markets.
3. Has Ledger officially started the IPO filing process?
No. People familiar with the matter said Ledger has not submitted a confidential draft S-1 registration statement with the U.S. Securities and Exchange Commission.
4. Who is John Andrews at Ledger?
John Andrews is Ledger’s chief financial officer. He previously led capital markets and investor relations at Circle before joining Ledger in March.
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