Ledger Joins Kraken in Pausing US IPO, Stalling Crypto’s 2026 Public Listing Wave

French hardware wallet maker Ledger has paused its planned US initial public offering (IPO), joining Kraken on the sidelines and thinning what was set to be crypto’s biggest listing year.

Sources familiar with the process said Ledger has not filed a confidential S-1 with the Securities and Exchange Commission (SEC), the formal first step toward a US listing, and may pursue private fundraising instead.

A Thinning 2026 IPO Pipeline

Ledger had hired Goldman Sachs, Jefferies, and Barclays earlier this year to lead a potential New York listing valued above $4 billion.

The pause leaves that mandate idle and removes one of the most anticipated crypto issuances from the 2026 schedule.

Kraken shelved its own IPO in March after confidentially filing in November 2025. The exchange’s valuation slipped to $13.3 billion in April from a $20 billion peak last year, a signal that public markets are already discounting crypto operators.

The Cost of Staying Private

Pausing comes with tradeoffs. Existing Ledger investors and employees lose a near-term exit, leaving secondary sales as the main liquidity option.

The company tapped that route in March with a $50 million share sale, but private rounds rarely match the depth of public markets.

BitGo, the only crypto firm to complete a US listing this year, debuted in January at $18 per share and now trades near $12, more than 30% below its offer price.

That performance gives peers a clear reason to wait rather than test investor appetite.

Ledger’s Growth Story Continues

Notwithstanding, the Paris-based firm is growing US operations, recently hiring a chief financial officer from stablecoin issuer Circle and building enterprise custody products for banks.

Founded in 2014, Ledger says it secures over $100 billion in client crypto assets.

The IPO pipeline reopening by the second half of 2026 depends on token prices, trading volumes, and how the next crypto-adjacent listing performs.

In the meantime, the pause keeps Ledger private and the broader sector waiting.