Ledger Pulls the Plug on U.S. IPO as Market Conditions Sour!

Crypto hardware wallet maker Ledger has shelved its U.S. IPO plans, citing unfavorable market conditions. People familiar with the matter confirmed the company has not filed a draft S-1 registration statement with the SEC, and is now weighing alternatives including private fundraising rounds.

As recently as January, Ledger was reported to have hired Goldman Sachs, Jefferies, and Barclays to underwrite a potential listing that could have valued the company at around $4 billion — a mandate that now sits in limbo.

The pause is a signal of broader IPO market fragility for crypto-native companies. Even well-capitalized hardware infrastructure players with strong brand recognition are finding the public markets window effectively closed, at least for now.