Ledger shelves US IPO plans, weighs private fundraising: Report

Hardware wallet manufacturer Ledger has reportedly shelved its plans for a US Initial Public Offering (IPO) due to unfavorable market conditions that are dampening investor interest in crypto listings. The company, which has sold over seven million devices and manages more than $100 billion in client assets, was reportedly considering a US IPO that could value it at over $4 billion, a significant increase from its $1.5 billion valuation in a 2023 funding round. Ledger had engaged with financial institutions like Goldman Sachs, Jefferies, and Barclays for the potential IPO but never filed with the SEC. Instead, sources suggest Ledger may opt for private fundraising. CEO Pascal Gauthier has acknowledged New York's importance as a crypto capital hub. Despite the IPO delay, Ledger is continuing to expand its US operations, including hiring a CFO and establishing a New York office for its institutional business. The decision comes amid a broader crypto market downturn, with Bitcoin and Ethereum prices falling and trading volumes decreasing. Other crypto firms like Kraken have also paused IPO plans, while BitGo's recent IPO saw its shares trade below the offering price. Ledger, founded in 2014, has grown into a significant infrastructure provider for both individual and institutional crypto investors, achieving record revenue in 2025.

(Source：Crypto Briefing)