Ledger Pauses $4 Billion U.S. IPO as Volatile Crypto Markets Sap Listing Demand

8 articles · Updated · CoinDesk · May 13

$4 billion IPO plans are on hold at Ledger, which has paused a U.S. listing and has not confidentially filed a draft S-1 with the SEC, according to people familiar with the matter.
Volatile token prices, weaker trading volumes and choppy equity markets have cooled investor appetite for crypto offerings, pushing the French wallet maker to reassess public-market timing.
Ledger could still raise money privately, even after hiring Goldman Sachs, Jefferies and Barclays earlier this year for a potential U.S. float.
March expansion moves — hiring former Circle executive John Andrews as CFO and opening a New York office — show Ledger is still building its U.S. institutional business despite the IPO pause.
BitGo's shares now trade about 36% below their January IPO price, and Kraken has also paused listing plans, underscoring uneven demand for crypto stocks.

With its IPO on ice, can Ledger's pivot to institutional clients justify its billion-dollar valuation?

Is the crypto winter the only reason for Ledger's delayed IPO, or are deeper issues at play?

As Ledger courts Wall Street, can its hardware shield banks from future AI-driven financial threats?