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

French hardware wallet maker Ledger has decided to pause its planned initial public offering (IPO) in the United States, mirroring Kraken's earlier decision. This move significantly thins out what was anticipated to be a strong year for cryptocurrency-related public listings in 2026. Sources indicate that Ledger has not yet filed the necessary confidential S-1 form with the Securities and Exchange Commission (SEC) and might opt for private fundraising instead. The company had previously hired Goldman Sachs, Jefferies, and Barclays for a potential New York listing valued at over $4 billion. Kraken also delayed its IPO in March after filing confidentially in November 2025, with its valuation dropping significantly, signaling that public markets are already discounting crypto operators. Pausing an IPO means existing investors and employees lose a near-term exit, with secondary sales becoming the primary liquidity option. The performance of BitGo, the only crypto firm to complete a US listing this year, which is trading significantly below its offer price, provides a clear deterrent for other companies considering public offerings. Despite the IPO pause, Ledger is expanding its US operations and continues to grow, securing over $100 billion in client crypto assets. The reopening of the IPO pipeline in the latter half of 2026 will likely depend on market conditions, including token prices, trading volumes, and the performance of future crypto-adjacent listings.

(Source：BeInCrypto)