Ledger has delayed its planned U.S. initial public offering due to unfavorable market conditions, signaling a shift toward private fundraising instead of an IPO.

The French crypto-security firm, best known for its hardware wallets, paused its U.S. IPO plans amid volatile crypto and equity markets and broader demand cooling for crypto listings.

Market conditions have cooled appetite for crypto IPOs, prompting Ledger to explore strategic alternatives beyond an immediate U.S. listing.

Ledger’s 2025 revenue hit a record as demand from security-focused crypto investors rose, and the company was valued at about $1.5 billion following its 2023 funding round.

Past funding rounds valued Ledger around $1.4 billion in 2021 and again in 2023, with a Series C extension in March 2023 reinforcing its status.

In March 2026, Ledger appointed John Andrews, formerly with Circle, as chief financial officer and opened a New York office to expand U.S. operations.

CEO Pascal Gauthier has described New York as a central hub for crypto capital, reinforcing ongoing U.S. expansion despite the IPO pause.

The 2026 IPO pipeline could reopen in the second half of the year, contingent on token prices, trading volumes, and performance of nearby crypto-adjacent listings.

The pause was reported by CoinDesk on May 13, 2026, citing unnamed sources, with Ledger having engaged banks to advise on the IPO.

Ledger remains among several crypto firms pursuing U.S. IPOs, including Circle, Gemini, and Bullish, indicating ongoing market interest despite volatility.

Market backdrop includes a roughly 25% fall in Bitcoin from late 2025 to mid-April 2026, a 19% drop in spot trading volumes, and a sharp decrease in crypto venture funding, all weighing on public listings.

Earlier reports suggested Ledger could be valued above $4 billion in an IPO and had engaged U.S. banks such as Goldman Sachs, Jefferies, and Barclays for a possible 2026 launch.