Key Takeaways
- • Ledger paused its planned US IPO amid volatile cryptocurrency markets in May 2026, reversing earlier momentum toward a New York listing that had been expected to close in 2026.
- • Previous IPO valuation target exceeded $4 billion, with the French hardware wallet manufacturer having engaged Goldman Sachs, Jefferies, and Barclays as underwriting partners for the planned offering.
- • Market conditions and crypto volatility triggered the strategic pause, reflecting broader headwinds in public equity markets for digital asset companies despite strong operational fundamentals at Ledger.
- • Ledger's business fundamentals remain robust, with the company securing approximately $100 billion in Bitcoin for customers and generating triple-digit million-dollar revenues in 2025, driven by surging demand for self-custody security solutions following elevated crypto theft activity ($17 billion stolen in 2025 versus $13 billion in 2024).
- • CEO Pascal Gauthier had previously emphasized New York's strategic importance for crypto capital markets, noting in November 2025 that institutional financing for digital assets concentrates in New York rather than Europe.
Summary
Ledger, the French cryptocurrency hardware wallet manufacturer, has paused its planned initial public offering in the United States amid volatile cryptocurrency market conditions. The company had been pursuing a New York listing that could have valued it above $4 billion, marking a significant uplift from its $1.5 billion valuation during a 2023 funding round. The decision represents a strategic retreat from publicly announced IPO plans that had been in motion throughout early 2026.
The company had enlisted major Wall Street institutions—Goldman Sachs, Jefferies, and Barclays—to underwrite the transaction, which sources had indicated was expected to close within 2026. However, broader market volatility in cryptocurrency and digital asset equities prompted the pause. CEO Pascal Gauthier had previously advocated for a New York listing, stating in November 2025 that institutional crypto capital concentrates exclusively in New York, emphasizing the city's role as the primary global financial hub for digital asset financing.
Despite the IPO pause, Ledger's underlying business performance has remained strong. The company reported triple-digit million-dollar revenue growth in 2025, fueled by heightened institutional and retail demand for secure self-custody solutions. Industry data underscores this demand surge: approximately $17 billion in cryptocurrency was stolen through scams and fraud in 2025, up from $13 billion in 2024, driving investors toward hardware wallet security platforms. Ledger has capitalized on this trend, securing approximately $100 billion in Bitcoin holdings for its customer base.
The pause reflects a broader pattern of crypto-focused companies reassessing public market timing amid macroeconomic uncertainty. While Ledger retains the option to pursue either a public listing or private financing rounds, the decision signals management's preference to wait for more favorable market conditions rather than execute at potentially depressed valuations.
The company had enlisted major Wall Street institutions—Goldman Sachs, Jefferies, and Barclays—to underwrite the transaction, which sources had indicated was expected to close within 2026. However, broader market volatility in cryptocurrency and digital asset equities prompted the pause. CEO Pascal Gauthier had previously advocated for a New York listing, stating in November 2025 that institutional crypto capital concentrates exclusively in New York, emphasizing the city's role as the primary global financial hub for digital asset financing.
Despite the IPO pause, Ledger's underlying business performance has remained strong. The company reported triple-digit million-dollar revenue growth in 2025, fueled by heightened institutional and retail demand for secure self-custody solutions. Industry data underscores this demand surge: approximately $17 billion in cryptocurrency was stolen through scams and fraud in 2025, up from $13 billion in 2024, driving investors toward hardware wallet security platforms. Ledger has capitalized on this trend, securing approximately $100 billion in Bitcoin holdings for its customer base.
The pause reflects a broader pattern of crypto-focused companies reassessing public market timing amid macroeconomic uncertainty. While Ledger retains the option to pursue either a public listing or private financing rounds, the decision signals management's preference to wait for more favorable market conditions rather than execute at potentially depressed valuations.
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