Crypto wallet provider Ledger put its plans to go public in the U.S. on hold due to difficult market conditions, according to two people with knowledge of the matter.

Ledger has not filed any draft S-1 registration statement with the Securities and Exchange Commission (SEC), one of the people said. A confidential filing is typically the first formal step in the IPO process.

The French cryptocurrency security firm has a number of options, and could decide to raise capital privately, said the person, who spoke on condition of anonymity because the matter is not public.

In January, reports emerged that Ledger had hired U.S. investment banks for a potential IPO valued at around $4 billion. Goldman Sachs (GS), Jefferies (JEF) and Barclays (BARC) were said to be advising on the offering, which could have come as early as this year.

A Ledger spokesperson declined to comment.

Ledger is best known for its hardware wallets that let people securely store cryptocurrencies offline. Its core business is protecting users’ private keys, the cryptographic credentials that control access to digital assets like bitcoin (BTC and ether (ETH).

After a wave of crypto listings in 2025, several digital-asset firms began rethinking their IPO timelines as weaker token prices, lower trading volumes and volatile equity markets weighed on investor appetite.

Kraken, one of the largest U.S. crypto exchanges, paused its multibillion-dollar IPO plans earlier this year despite having confidentially filed with the SEC in late 2025.

BitGo (BTGO), the only crypto-native company to go public in 2026, offered an early test of investor appetite for digital asset listings. It raised about $213 million in its January IPO, pricing shares above the marketed range at $18 and briefly surging more than 20% in its New York Stock Exchange (NYSE) debut.

The momentum proved short-lived. After an initial rally, BitGo shares retreated below their IPO price, underscoring the volatility and uneven investor sentiment facing crypto firms seeking to tap public markets.

The shares are currently trading about 36% below their IPO price.

In March, Ledger appointed former Circle Internet (CRCL) executive John Andrews as chief financial officer and opened an office in New York City as part of a broader expansion of its U.S. operations.

Andrews, who previously led capital markets and investor relations at Circle, joined the crypto security firm as demand from banks, asset managers and stablecoin issuers for digital asset infrastructure continues to grow.

The company said the New York office was part of a multimillion-dollar investment in its U.S. footprint and would serve as a hub for Ledger Enterprise, its institutional infrastructure platform. Ledger also said the expansion would create dozens of new jobs across enterprise and marketing functions.

Read more: Kraken parent Payward seeks fresh funding at $20 billion valuation ahead of planned IPO

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