Ledger, the France-based crypto firm, has decided to delay its plans to go public in the U.S. citing unstable market conditions as the reason. The USB-style hardware wallet maker was considering an IPO at the New York Stock Exchange (NYSE) aiming to hit a valuation of $4 billion.
The U.S. Securities and Exchange Commission (SEC) has not yet obtained a confidential S-1 registration from Ledger suggesting progress in its IPO plans. The company could consider raising private capital through funding rounds, CoinDesk reported on Wednesday citing people familiar with the matter.
While the U.S. is keenly awaited its crypto market structure bill — the CLARITY Act — to come into effect and shape up the sector more precisely, recent months have been far from great for the digital assets industry.
Between October 2025 and April 2026, around $2 trillion have been wiped from the crypto market. The rise in geo-political confilcts in multiple parts of the world along with the intense trade wars launched by the U.S. against economies like India and China acted as crucial factors in keeping the crypto market volatile and down.
The tumultuous market winds have left a direct impact on BitGo, the only crypto firm that completed its IPO on January 2026 and raised $212.8 million at $18 per share.
Within February and April, when tensions in the Middle East escalated affecting gold, oil, and BTC prices, BitGo stocks slipped by over 40 percent with its per-share price plunging to $7.25. Recently in May BitGo shares touched the price point of $12.9 because Bitcoin managed to cross the $80,000 threshold.
Perhaps Ledger just saw BitGo’s market ordeal as a case study and decided to pause its own IPO plans for the time being. An official confirmation from Ledger on the reports remain awaited for now.
As per reports that surfaced in January, Ledger had roped-in Goldman Sachs, Jefferies and Barclays to review its IPO plans. In March, Ledger appointed former Circle official John Andrews as its Chief Financial Officer.
Ledger, however, is not the only crypto firm that has brought its U.S. IPO plans to a halt this year. Eearlier in March, Kraken’s parent company Paayward Inc. also reportedly hit the snooze button on his IPO plans despite having filed a confidential filing with the SEC.
According to reports that emerged this week, MetaMask developer Consensys has also delayed its IPO as the crypto market continues to struggle under regulatory and gro-political pressures.
The year of 2025 had seen a major spike in crypto firms going public. At least 11 big cryptocurrency firms went public in 2025, earning almost $14.6 billion worldwide. Owing to pro-crypto regulatory overhaul especially in the U.S. last year, BTC had touched its historic ATH of $126,198 last year in October before plummeting to under $100,000.
