Media: Ledger Postpones IPO Amid Market Instability

Ledger, the company behind hardware crypto wallets, has postponed its IPO indefinitely due to challenging market conditions. This was reported by CoinDesk, citing sources familiar with the matter.

According to one insider, the French company has not submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission. A confidential filing is typically considered the first formal step in the IPO process.

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

Reports about the company’s potential IPO first emerged in January. At that time, the wallet manufacturer was valued at approximately $4 billion — nearly three times higher than its 2023 valuation.

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

In November 2025, Ledger CEO Pascal Gauthier also mentioned the possibility of the company going public. He noted that as the number of hacking attacks increased, the company’s revenue had surpassed “hundreds of millions of dollars.”

Ledger is not the first crypto company to delay its IPO plans in 2026. In March, media reports revealed that Kraken had also postponed its IPO indefinitely. Representatives of the exchange likewise cited difficult market conditions.

By contrast, crypto custodian BitGo successfully completed its stock offering. The company debuted on the New York Stock Exchange in January.

This success is likely an echo of the previous year’s momentum. In 2025, a total of 11 crypto companies went public, collectively raising $14.6 billion.

It is also worth recalling that in March 2026, shareholders of Gemini filed a class-action lawsuit against the crypto exchange. The plaintiffs accuse the platform, its founders Tyler Winklevoss and Cameron Winklevoss, as well as senior executives, of misleading investors during and after the IPO process.

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