Hardware wallet company Ledger suspended its plans to go public in the United States due to adverse market conditions. The news was announced on May 13, 2026, amid a context of volatility that has reduced investor appetite for companies linked to the cryptocurrency ecosystem. The French firm was evaluating an initial public offering (IPO) with a valuation close to USD 4 billion.
According to published reports, Ledger decided temporarily pause the process while Reevaluate the right time to enter public markets. It is worth noting that the company had not yet filed a confidential draft of the S-1 form with the United States Securities and Exchange Commission (SEC), the first formal step to initiate an IPO.
Also, before pausing the IPO, The company had been accelerating its expansion in the United States. In March he named financial director to John Andrews, a former Circle Internet Group executive, and opened an office in New York focused on institutional clients and its Ledger Enterprise platform. The firm then assured that the expansion would involve multimillion-dollar investments and new hires.
Rumors about a possible IPO began to circulate since the end of 2025. Later, in January of this year, CriptoNoticias reported that Ledger was working together with Goldman Sachs, Jefferies and Barclays to evaluate a listing in New York that could be completed in 2026.
Ledger’s case is not isolated. Kraken would also have stopped its plans to go public this year, despite having filed confidential documents with the SEC in 2025. Meanwhile, BitGo — one of the few native cryptocurrency companies that debuted on the stock market in 2026 — showed the difficulties of the sector in sustaining the initial enthusiasm of Wall Street.
BitGo raised about USD 213 million in its January IPO and its shares rose more than 20% in its debut on the New York Stock Exchange. However, the momentum weakened quickly and are currently trading around 36% below their starting price.
Ledger’s pause shows that the market still maintains reservations against cryptocurrency companies, even as there is greater institutional interest in digital asset infrastructure. In this scenario, several companies in the sector could choose to delay their listing plans and depend on private financing until better liquidity and stability conditions return for cryptocurrency-related IPOs.