Book US IPO Plans, Weighs Private Fundraising: Report

Popular hardware wallet maker Ledger has delayed its plans to go public in the US market due to unfavorable market conditions, which could dampen investors' appetite for crypto listings.

The development was reported by CoinDesk on Wednesday, based on sources familiar with the matter.

Ledger, which has sold more than seven million devices and has more than $100 billion in customer assets, was eyeing a U.S. IPO that could value the company at more than $4 billion, the Financial Times reported in January. This would have doubled the value of the $1.5 billion reached in the 2023 funding round.

According to reports, the Paris-based crypto hardware firm was engaged in a potential IPO with Goldman Sachs, Jefferies and Barclays.

The company never filed a draft S-1 with the SEC. The sources said Ledger may pursue a private capital raise instead.

CEO Pascal Gauthier said in an interview that New York has become the center of global crypto capital, “Currently, money in New York for crypto.”

Amid the IPO, Ledger continues to build out its US operations, including hiring John Andrews as chief financial officer in March and establishing a New York office for its institutional business.

The market situation behind the decision

Bitcoin in 2010 From $100,000 by the end of 2025 to roughly $75,000 in April 2026, a 25 percent decline, Ethereum was hovering around $2,340 by May.

The decline in prices has been accompanied by a weakening of market activity, with the volume of spot transactions falling by 19% between February and March alone. At the same time, venture capital into crypto contracted significantly, down 74 percent from March to April.

Against the backdrop of this declining market, Kraken temporarily put its multibillion-dollar IPO plan on hold earlier this year, despite filing with the SEC in late 2025.

Bitgo, a crypto watchdog, made the list in January 2026. BitGo priced its IPO at $18 per share, raised about $213 million and saw a first-day pop of more than 20 percent. In May, BitGo shares were trading at $11.78, about 36 percent below the IPO price.

Where does Ledger stand now?

In the year Founded in 2014, Ledger has grown into an infrastructure provider for the person who invests a few thousand dollars in Bitcoin and the institution that manages billions.

The company achieved record revenue in 2025 and sold more than 7 million devices worldwide due to increasing demand from security-focused crypto investors. In the year Founded in 2014 The 2023 funding round was valued at $1.5 billion, backed by investors including True Global Ventures and 10T Holdings.

The IPO plans come as a wave of crypto companies, including Circle, Gemini and Bullish, have been unveiled in the US since BitGo's recent listing and early IPOs from President Donald Trump's return to office.