Ledger had planned a $4B IPO with Goldman Sachs and Barclays. Weak token prices and BitGo’s 36% post-IPO drop forced a rethink of the timeline.
Ledger has shelved its plans for a U.S. initial public offering, abandoning a process that had been reported to target a $4 billion valuation. The French crypto wallet provider has not filed any draft registration statement with the SEC, a person familiar with the matter said. A confidential filing is typically the first formal step toward an IPO. Ledger is now considering alternatives, including a private capital raise, the person added, speaking on condition of anonymity because the discussions are private. A Ledger spokesperson declined to comment.
The move thrusts one of crypto’s most visible consumer brands into the growing list of digital-asset firms whose public-market ambitions have been derailed by deteriorating market conditions. Reports in January indicated that Goldman Sachs (GS), Jefferies (JEF) and Barclays (BCS) were advising on the offering, with a potential debut as early as this year.
Ledger’s core business is defending private keys, the cryptographic credentials that unlock holdings in Bitcoin (BTC) and Ethereum (ETH). Its hardware wallets generate most of its revenue. The company has also been building out an institutional infrastructure platform, Ledger Enterprise. The IPO was intended to fund that expansion, which includes a new New York City office and a multimillion-dollar investment in its U.S. footprint.
For the three advisory banks, the pause removes a fee event from the pipeline. Goldman Sachs and Barclays, both of which rank as moderate AlphaScala picks with Alpha Scores of 56/100 and 59/100, respectively, have been exposed to a broader cooling in equity issuance. The absence of Ledger’s $4 billion listing compounds a lean period for crypto-related ECM mandates after Kraken, a major U.S. exchange, also halted its multibillion-dollar IPO earlier this year. Jefferies, though not in the AlphaScala coverage universe, would have shared in the underwriting fees.
In March, Ledger hired John Andrews, former capital markets head at Circle Internet (CRCL), as CFO. Circle’s own stock carries a weak Alpha Score of 28/100, reflecting the pressure stablecoin-exposed firms are under. Andrews’ appointment was meant to signal IPO readiness; instead, his arrival now coincides with a decision to retreat from public markets. The digital-asset infrastructure firm appears to be scaling its institutional sales force even as the public listing that would have showcased its growth story moves to the back burner.
BitGo (BTGO) offered the only direct test of investor demand for a crypto-native listing in 2026. It raised about $213 million, pricing shares at $18, above the marketed range, and surged more than 20% on its NYSE debut. The early gain evaporated within weeks. BitGo shares are now trading roughly 36% below the IPO price, translating to an implied price near $11.50.
That trajectory has reset expectations for any crypto company considering an IPO. Underwriters and investors have become more cautious, scrutinizing token-price sensitivity, trading volume trends, and the durability of fee-based revenue. Ledger’s decision signals that those concerns are not confined to exchanges or trading platforms; they extend to infrastructure providers that anchor the digital-asset ecosystem.
Kraken, which had confidentially filed with the SEC in late 2025, paused its plans months before Ledger’s retreat. The back-to-back moves suggest that institutional buyers are unwilling to underwrite crypto offerings until equity conditions stabilize and token markets show sustained strength. The two halts bookend a period in which weaker token prices and lower trading volumes across crypto markets have made it harder to price growth.
Paradoxically, Ledger is expanding its U.S. presence at the same time it abandons the listing that was meant to finance it. The company opened a New York office as a hub for Ledger Enterprise, its platform for banks, asset managers and stablecoin issuers. It plans to create dozens of jobs in enterprise and marketing functions.
The dual-track strategy–hiring a CFO with Circle pedigree, pushing into institutional custody, while simultaneously sidelining the IPO–indicates that Ledger’s private valuation may still support near-term growth. A private funding round would allow the company to continue that expansion without the scrutiny that sank BitGo’s stock. The New York office and Andrews’ hire suggest that Ledger’s private backers are comfortable with a longer runway.
Several conditions would need to fall into place for Ledger or its bankers to revisit a public filing. The most concrete triggers are:
The third element is critical. Until a crypto listing demonstrates it can maintain its IPO price in the aftermarket, public investors will likely remain on the sidelines. Ledger’s private supporters, for now, appear willing to fill that gap.
For traders holding bank stocks like GS or BCS, the immediate impact is a delayed fee opportunity rather than a material earnings headwind. Both names maintain moderate Alpha Scores and diverse ECM franchises. For those tracking crypto equities, Circle’s weak Alpha Score of 28/100 and BitGo’s 36% slide are the reference points. The next catalyst will be any sign that token prices are stabilizing at levels that make a $4 billion hardware-wallet company look reasonable to the buyside. Until then, the IPO window stays shut.
Drafted by the AlphaScala research model and grounded in primary market data – live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.