Ledger shelves $4B U.S. IPO as volatile markets freeze crypto listings!

Ledger, the French hardware wallet maker, has paused its plans for a U.S. public listing after market conditions deteriorated, according to two people familiar with the process. The company had reportedly hired Goldman Sachs, Jefferies, and Barclays earlier this year for an offering that could have valued it at roughly $4 billion — but no draft S-1 has been filed with the SEC, and a private capital raise is now among the options being considered.

The decision reflects a broader chill across crypto IPO pipelines. Kraken similarly paused its multibillion-dollar listing despite having confidentially filed with the SEC. BitGo, the only crypto-native company to go public in 2026, offered a cautionary data point: it priced above range and surged 20% on debut, then retreated — shares now sit roughly 36% below their IPO price.

Ledger has continued building its institutional footprint…