Ledger pauses US IPO as crypto market cools demand

Ledger halts everything. The Paris-based company is suspending its plan to go public in the United States. Not due to an internal issue, but because the timing is terrible. The crypto market is going through a tough phase, and investors are not eager to fund new IPOs in the sector. Ledger hasn’t even filed its S-1 form with the SEC yet, the mandatory document that officially starts the IPO process. Without it, there’s no possibility of listing.

The company is now exploring other avenues. A private fundraising round is among the options on the table. Ledger has sold over seven million physical wallets since its founding in 2014 and currently secures more than $100 billion in digital assets. In 2023, the company completed a funding round that valued it at $1.5 billion, with True Global Ventures and 10T Holdings participating. But raising private funds in 2026 is a different story.

American expansion continues regardless

Ledger isn’t slowing down. In March, the company appointed John Andrews as Chief Financial Officer. Andrews comes from Circle, where he worked on institutional matters. No coincidence. Ledger has also opened an office in New York, entirely dedicated to institutional clients and its Ledger Enterprise platform. The goal: to convince banks, asset managers, and stablecoin issuers that they need a solid infrastructure to keep their cryptos safe.

The institutional bet makes sense. Consumer hardware wallets are good. But the big volumes come from institutions. And these clients want rock-solid security guarantees, especially after the custody scandals that have shaken the sector in recent years.

Ledger protects the private keys that provide access to bitcoins, ethers, and other tokens. Without these keys, funds can’t be moved. The demand for this type of service remains strong, even when prices drop. Because institutions don’t disappear with market cycles.

The crypto sector slows on IPOs

Ledger isn’t alone in this situation. Kraken has paused its multi-billion-dollar IPO project. Yet the exchange had filed a confidential application in 2025. Consensys has also postponed its listing schedule. Too much volatility, not enough investor confidence.

BitGo tried its luck in January. The company raised about $213 million during its IPO. The stock price initially rose. Then it fell below the initial offering price. Not exactly encouraging for those still hesitant to launch.

Bitcoin is hovering around $80,000 at the moment. Ether remains stuck in the mid-2000 dollars. Spot trading volumes have decreased. Overall crypto market activity has cooled. Venture capital funds are investing less in crypto startups than before. All of this makes the context difficult for an IPO.

And traditional investors are looking at the sector with suspicion. Crypto-related stocks have shown wild volatility in recent months. BitGo learned this the hard way. No one wants to be the next example of a failed IPO.

Ledger bets on institutional clients

Despite the IPO pause, Ledger stays the course. The company is banking on its reputation and technical expertise. Seven million wallets sold is a solid base. $100 billion secured reassures potential clients.

The New York office is not just symbolic. Ledger wants to be close to its American institutional clients. Banks and asset managers prefer dealing with companies that have a physical presence on site. Andrews, the new CFO, knows this environment. He knows how to talk to institutions.

Ledger Enterprise also targets stablecoin issuers. These companies need to keep large amounts of tokens secure. A hack or loss of keys would be disastrous. Ledger offers a hardware solution that limits the risks.

The strategy makes sense. Even if crypto prices stagnate, stablecoins continue to grow. Institutions are entering the sector, slowly but surely. Ledger wants to capture this demand before the competition strengthens.

On the same subject: Coinbase’s Armstrong backs CLARITY Act as Thursday markup looms

The company is also assessing the impact of recent market changes. Trading volumes have dropped. Venture capital funding has dried up. The general environment is less favorable than it was two years ago. But Ledger believes it can navigate this challenging climate by focusing on institutional clients rather than the general public.

Private fundraising remains a credible option. Ledger has already proven it can attract serious investors. True Global Ventures and 10T Holdings made significant bets in 2023. Others might follow if the company shows solid growth on the institutional side.