Ledger Suspends U.S. IPO Plans
Hardware wallet manufacturer Ledger has suspended its plans for an IPO in the U.S. due to unfavorable market conditions.
The company had previously discussed an IPO with investment banks such as Goldman Sachs, Jefferies, and Barclays this year, with a potential valuation of around $4 billion, but has not yet submitted an S-1 registration document to the SEC. It is currently evaluating other options, including private financing.
Market Mechanism: Ledger's suspension of its IPO as a hardware wallet entity narrows the listing window for crypto companies driven by events, with funds flowing towards private placements and the secondary market; Ledger and early investors benefit from valuation protection, while publicly listed crypto companies (such as BitGo, which has fallen 36% below its offering price) and those planning to list face pressure, leading to a short-term slowdown in traditional investment banking underwriting activities.
Source: Public Information
ABAB AI Insight
Ledger had been actively preparing for an IPO in 2024-2025, and this suspension continues the trend since 2025 of several crypto companies delaying their IPOs due to weakening token prices, declining trading volumes, and stock market volatility, including Kraken which has explicitly postponed its plans. BitGo, as the only crypto-native company expected to go public in 2026, has seen its stock price drop by about 36% from its offering price.
In terms of capital pathways, Ledger initially engaged with investment banks like Goldman Sachs to mobilize valuation expectations but ultimately chose to delay the S-1 submission and shift towards private financing. The motivation is to avoid diluting equity by going public at a low valuation in the current weak market while waiting for a clearer regulatory environment and market recovery to achieve higher exit returns.
Similar cases include a wave of post-IPO price drops for several crypto companies in 2025 and Coinbase's prolonged slump after its 2022 IPO; Ledger is currently transitioning from consumer-level growth to institutional/corporate-level but is facing a cooling secondary market.
Structural Judgment: This is essentially driven by regulatory changes and market cycles leading to capital concentration. Weak crypto asset prices and a narrowing IPO window will shift pricing power from public IPOs to private placements and strategic financing, as investment banks and companies seek to avoid the risk of price drops, forcing early capital to exit high valuations publicly and flow back into long-term holdings and phased private placements, accelerating the industry's evolution from a rapid IPO wave to high-quality compliance accumulation.
ABAB News · Cognitive Law
The colder the market, the narrower the IPO window.
The higher the valuation, the greater the risk of price drops.
When the IPO is paused, private placements become truly valuable.