Ledger Joins Kraken in Pausing US IPO, Stalling Crypto’s 2026 Public Listing Wave
French {hardware} pockets maker Ledger has paused its deliberate US preliminary public providing (IPO), becoming a member of Kraken on the sidelines and thinning what was set to be crypto’s greatest itemizing yr.
Sources aware of the method stated Ledger has not filed a confidential S-1 with the Securities and Exchange Commission (SEC), the formal first step towards a US itemizing, and will pursue non-public fundraising as a substitute.
A Thinning 2026 IPO Pipeline
Ledger had employed Goldman Sachs, Jefferies, and Barclays earlier this yr to steer a possible New York itemizing valued above $4 billion.
The pause leaves that mandate idle and removes probably the most anticipated crypto issuances from the 2026 schedule.
Kraken shelved its own IPO in March after confidentially submitting in November 2025. The alternate’s valuation slipped to $13.3 billion in April from a $20 billion peak final yr, a sign that public markets are already discounting crypto operators.
The Cost of Staying Private
Pausing comes with tradeoffs. Existing Ledger traders and staff lose a near-term exit, leaving secondary gross sales as the primary liquidity possibility.
The firm tapped that route in March with a $50 million share sale, however non-public rounds hardly ever match the depth of public markets.
BitGo, the one crypto agency to complete a US listing this year, debuted in January at $18 per share and now trades close to $12, greater than 30% under its supply worth.
That efficiency provides friends a transparent cause to attend somewhat than check investor urge for food.
Ledger’s Growth Story Continues
Notwithstanding, the Paris-based agency is growing US operations, not too long ago hiring a chief monetary officer from stablecoin issuer Circle and constructing enterprise custody merchandise for banks.
Founded in 2014, Ledger says it secures over $100 billion in shopper crypto property.
The IPO pipeline reopening by the second half of 2026 is determined by token costs, buying and selling volumes, and the way the subsequent crypto-adjacent itemizing performs.
In the meantime, the pause retains Ledger non-public and the broader sector ready.
The put up Ledger Joins Kraken in Pausing US IPO, Stalling Crypto’s 2026 Public Listing Wave appeared first on BeInCrypto.
