Crypto Firms Halt IPO Plans Amid Market Downturn and Stock Declines

Crypto wallet firm Ledger has paused its initial public offering (IPO) after market conditions soured. According to CoinDesk, unnamed sources close to the listing cited “difficult market conditions” as the reason for the pause. As of now, Ledger has not yet filed an S-1 application with the U.S. Securities and Exchange Commission (SEC).

This decision follows the example set by crypto exchange Kraken, which delayed its IPO until “market conditions improve.” Kraken’s parent company, Payward, had privately filed a draft S-1 registration with the SEC in November 2025.

Recent IPOs Show Mixed Performance

Across the crypto industry, recently listed companies have experienced significant volatility in stock performance:

• Circle, a stablecoin issuer, went public on the New York Stock Exchange in June 2025. Its stock surged to $263 within a month but has since fallen -52% to $126.
• eToro, a trading platform, went public in May 2025 and has seen its stock drop nearly -42% since listing.
• Bullish, backed by Peter Thiel, went public in August 2025 and has endured a 53% decline in stock price.
• BitGo, which went public in January 2026, has seen its stock plummet by almost -47%.
• Fold, a bitcoin firm, went public in February 2025 and has recorded a 64% drop in stock value.

Greyscale, which filed for an IPO in November 2025, reported a 20% revenue decline in the first nine months of 2025.

The Winklevoss twins-controlled crypto exchange Gemini also filed for an IPO in June 2026.

One Standout Performer

Despite the downturn, Galaxy Digital has bucked the trend. Since listing on the U.S. market in May 2025, its stock has risen 41% to $31.