Ah, the fickle dance of the crypto markets! French hardware wallet wizard Ledger has decided to join Kraken in the grand tradition of “let’s not and say we did,” pausing its planned US IPO. What was shaping up to be crypto’s biggest listing year is now looking more like a quiet afternoon nap.
Sources, who shall remain as mysterious as a Discworld wizard, claim Ledger hasn’t even whispered sweet nothings to the SEC with a confidential S-1 filing. Instead, they might just cozy up to private fundraising-because who needs the drama of public markets when you can have tea with wealthy investors?
The 2026 IPO Pipeline: Thinner Than a Witch’s Waist
Ledger had roped in the big guns-Goldman Sachs, Jefferies, and Barclays-to lead a New York listing valued at a cool $4 billion. But now? That mandate is as idle as a dwarf on a diet. One of the most anticipated crypto issuances has vanished like a small god in a crisis.
Kraken, meanwhile, shelved its own IPO back in March after a confidential filing in November 2025. Its valuation slipped from $20 billion to $13.3 billion faster than a troll can say “shiny.” Public markets, it seems, are giving crypto operators the side-eye.
LEDGER PAUSES US IPO PLANS AMID MARKET UNCERTAINTY
Crypto security firm Ledger has paused its planned U.S. IPO due to unfavorable market conditions, according to a report.
The company has not yet filed a confidential S-1 with the SEC, and may instead pursue private fundraising…
– *Walter Bloomberg (@DeItaone) May 13, 2026
The Cost of Staying Private: Liquidity or Lack Thereof
Pausing an IPO is like deciding to stay in on a Friday night-cozy, but you miss the party. Ledger’s investors and employees are left with secondary sales as their main liquidity option. The company did tap that route in March with a $50 million share sale, but let’s face it, private rounds are like a pub quiz: fun, but not as rewarding as a full-blown gala.
“Going public in US, yes it’s a strong consideration,” says Ledger CEO when talking to “Bloomberg Crypto” earlier today. Digital asset firm Ledger completed a $50 million secondary share sale
– Bloomberg TV (@BloombergTV) March 24, 2026
BitGo, the lone crypto firm to brave the US listing this year, debuted in January at $18 per share and now trades near $12. That’s a 30% dip-or, as we say in Ankh-Morpork, “a clear sign to stay in bed with your money.”
This performance gives peers all the excuse they need to wait, like a wizard avoiding a thunderstorm.
Ledger’s Growth Story: Still Chugging Along
Despite the IPO pause, Ledger isn’t sitting on its hands. The Paris-based firm is expanding its US operations, hiring a chief financial officer from stablecoin issuer Circle, and building enterprise custody products for banks. Founded in 2014, Ledger claims to secure over $100 billion in client crypto assets-which is more than enough to make a dragon jealous.
The IPO pipeline reopening by the second half of 2026 depends on token prices, trading volumes, and how the next crypto-adjacent listing performs. Until then, Ledger remains private, and the sector waits with all the patience of a cat watching a mouse hole.
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2026-05-13 20:22