- Ledger pauses IPO plans as weak crypto markets reduce investor demand for listings globally.
- Crypto firms, including Kraken and BitGo, slow IPO plans as valuations and trading volumes fall.
- Some firms still expand and plan listings despite market volatility and cautious investor sentiment.
Crypto wallet company Ledger has put its U.S. IPO plans on hold as weak crypto markets continue to hurt investor confidence. The French firm, known for devices that store cryptocurrencies offline, has not filed confidential paperwork with the U.S. Securities and Exchange Commission, according to people familiar with the matter.
The decision comes as several crypto companies pull back from public listing plans amid falling token prices and slower trading activity.
Earlier reports valued Ledger at around $4 billion, with Goldman Sachs, Jefferies, and Barclays involved in the planned IPO. However, weaker demand for crypto stocks and unstable market conditions have forced several companies to rethink their listing plans. Ledger now appears likely to wait for markets to recover or raise money privately instead.
Crypto Firms Reconsider Public Listings
Ledger’s decision to delay its IPO highlights the growing caution across the crypto industry. Falling token prices and weaker trading activity have pushed down valuations for many digital asset companies. With market conditions still unstable, several firms now prefer to postpone public listings and wait for stronger investor demand.
Kraken has also slowed its IPO plans despite filing paperwork confidentially with U.S. regulators late last year. People familiar with the matter said the exchange still wants to go public, but likely after market conditions improve. A Kraken spokesperson stated, “As we announced in November, we filed confidentially with the SEC, and that is all we can really share.”
The slowdown follows a sharp cooling in crypto markets after bitcoin hit record highs in October. Since then, investors have become more selective about backing crypto-related listings and funding rounds. Many now expect clearer revenue growth and stronger profits before supporting new offerings.
Meanwhile, BitGo showed how difficult the market has become for crypto IPOs. The company raised about $213 million during its January listing and initially gained momentum after trading began. However, the rally faded quickly, and the stock now trades nearly 36% below its IPO price.
Ledger Expands Despite IPO Pause
Even as Ledger delays its IPO plans, the company continues expanding its U.S. business. In March, Ledger hired former Circle Internet executive John Andrews as chief financial officer and opened a new office in New York.
The company said the office will support Ledger Enterprise, its platform for institutional clients, and create dozens of jobs. The expansion comes as banks, asset managers, and stablecoin companies continue increasing their involvement in digital assets and blockchain infrastructure.
Meanwhile, Securitize still plans to move ahead with a public listing after receiving approval from the SEC. The company works closely with BlackRock on tokenized asset products. Its plans show that some crypto infrastructure firms still see opportunities in public markets despite ongoing volatility.
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