Ledger postpones US IPO plan, considering private financing instead

Ledger, a hardware wallet manufacturer, has suspended its US IPO plans due to unfavorable market conditions, according to CoinDesk. Sources familiar with the matter said Ledger had discussed a US IPO with investment banks including Goldman Sachs, Jefferies, and Barclays this year, with a potential valuation of around $4 billion. However, the company has not yet filed an S-1 registration statement with the SEC. Ledger is currently evaluating other options, including private financing. The report notes that following the IPOs of several crypto companies in 2025, and amid weakening token prices, declining trading volumes, and stock market volatility, several institutions, including Kraken, have postponed their IPOs. Furthermore, BitGo, the only crypto-native company to go public in 2026, has seen its stock price fall below its IPO price by approximately 36%.