France-based cryptocurrency hardware wallet maker Ledger has put its plans for a US initial public offering on hold, citing market conditions, according to reporting by CoinDesk. The company had been exploring a New York listing at a valuation above USD 4 billion and had not filed a draft S-1 registration statement with the Securities and Exchange Commission (SEC) before the pause. The company could still pursue a private capital raise in place of a public listing, according to the same reporting.
The pause follows an extended period of preparation. In January 2026, Ledger was reported to have hired Goldman Sachs, Jefferies, and Barclays to work on a possible New York IPO. In March 2026, the company hired former Circle executive John Andrews as chief financial officer and opened a New York office as it prepared for a potential listing. Ledger also completed a USD 50 million secondary share sale in the fourth quarter of 2025 while keeping its longer-term listing plans open, according to The Block.
Valuation context and financial position
The reported USD 4 billion target valuation would have represented a significant step up from Ledger's prior private market valuation. The company was valued at more than USD 1.5 billion following a USD 380 million Series C funding round in 2021. Ledger's CEO, Pascal Gauthier, previously indicated the company was keeping its options open, telling Bloomberg that it could remain private indefinitely while not ruling out a public offering. In November 2025, Gauthier told the Financial Times that New York was the preferred listing venue, stating that capital for crypto businesses was concentrated there rather than in Europe, and that the company was having a record year with revenues in the triple-digit millions.
Business model and market context
Founded in 2014, Ledger produces hardware wallets that store cryptocurrencies offline, a product category driven primarily by security concerns around digital asset custody. The continued relevance of that proposition is underlined by the scale of cryptocurrency theft. Chainalysis reported that over USD 2.17 billion was stolen in cryptocurrency in 2025, with personal wallet compromises accounting for 23.35% of stolen fund activity.
The decision to pause the IPO process reflects broader uncertainty in public equity markets, a factor that has affected listings across the technology and digital asset sectors in recent periods. Ledger has not publicly specified the particular market conditions that led to the pause. The company's preparation, including senior hires, banking mandates, and a new US office, suggests the long-term intention to list remains intact, with timing now contingent on more favourable conditions.
The pause also illustrates the challenge facing European technology companies weighing US listings. While New York offers deeper capital markets access and greater investor familiarity with the crypto sector, the timing and valuation achievable in a public offering remain highly sensitive to prevailing market sentiment and broader macroeconomic conditions.
