Ledger pauses $4B U.S. IPO, considers private fundraising

Ledger paused its $4B U.S. IPO plans due to market volatility, opting to reassess strategy and possibly seek private fundraising instead of going public.

Ledger, a French crypto wallet provider, has paused its planned U.S. initial public offering (IPO) due to unfavorable market conditions and ongoing volatility in the crypto sector. The company had considered a U.S. listing valued at around $4 billion, engaging major investment banks like Goldman Sachs, Jefferies, and Barclays to explore the IPO process. Despite these preparations, Ledger has not filed a draft S-1 registration statement with the Securities and Exchange Commission, which is the first formal step toward an IPO. Instead, the company is now reassessing its options and may pursue private fundraising as an alternative. Ledger has been expanding its U.S. presence, recently opening a New York office and appointing John Andrews as CFO. The decision to delay the IPO reflects weaker market conditions and reduced investor demand for digital asset listings, highlighting broader industry concerns.