Ledger and Consensys Delay Crypto IPO Plans Amid Market Downturn

Ledger, the Paris-based hardware wallet manufacturer, has put its U.S. initial public offering (IPO) plans on hold as unfavorable crypto market conditions dampen investor appetite for new listings, according to sources cited by CoinDesk.

The company has not submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), a prerequisite for formal IPO proceedings. Instead, Ledger is evaluating alternative funding options, including a private capital raise, one source told CoinDesk.

Earlier this year, Ledger had explored a public listing that could have valued the firm at nearly $4 billion. Goldman Sachs, Jefferies, and Barclays were engaged as advisors for the potential offering, which was initially targeted for 2026.

Market Conditions Drive Shift Away from Crypto IPOs

The decision reflects a broader trend in the digital asset sector, where companies are retreating from public markets following a surge in listings in 2025. Declining token prices, reduced trading volumes, and inconsistent equity performance have diminished investor interest in crypto-related stocks.

Bitcoin has recently traded around the $80,000 mark after peaking at higher levels in late 2025. Meanwhile, ether has stabilized near the mid-$2,000 range. Market activity has also waned, with spot trading volumes declining and venture funding for crypto startups dropping significantly.

Other Crypto Firms Delay IPOs Amid Uncertainty

Ledger is not alone in postponing public listings. Kraken paused its multibillion-dollar IPO plans earlier this year, despite filing confidentially with the SEC in 2025. Consensys, another major player in the crypto space, has also pushed back its expected listing timeline, according to separate reports.

The challenges faced by crypto firms seeking public listings were exemplified by BitGo’s January debut. The crypto custody company raised approximately $213 million at an IPO price of $18 per share, above its marketed range. While its stock surged on the first day of trading, it later fell below its offer price and now trades significantly lower, underscoring the volatility of crypto equities.

Ledger Expands U.S. Operations Despite IPO Delay

Despite pausing its IPO plans, Ledger continues to strengthen its presence in the U.S. In March, the company appointed John Andrews, a former executive at Circle, as its chief financial officer (CFO). Additionally, Ledger opened a new office in New York to cater to institutional clients and promote its Ledger Enterprise platform.

The firm aims to serve banks, asset managers, and stablecoin issuers by providing secure infrastructure for digital asset custody. Its core business revolves around safeguarding private keys, which control access to cryptocurrencies like bitcoin and ether.

Company Background and Growth

Founded in 2014, Ledger has sold over seven million hardware wallets and secured more than $100 billion in digital assets, according to company data. In 2023, the firm raised funds at a valuation of $1.5 billion, backed by investors including True Global Ventures and 10T Holdings.

While its public listing remains delayed, Ledger’s ongoing expansion highlights its commitment to institutional growth, even as demand for secure crypto infrastructure persists across market cycles.