Ledger and Kraken Postpone IPOs Amidst Crypto Market Turbulence: A $4 Billion Question

Ledger, the renowned French hardware wallet manufacturer, has joined the ranks of crypto firms hitting pause on their plans for a US initial public offering (IPO). This move, echoing Kraken's decision earlier this year, comes amidst a backdrop of market uncertainty, casting a shadow over what was anticipated to be a banner year for crypto listings.

Chronology: The Build-Up to a Pause

In early 2026, Ledger's intentions were clear. The company had engaged heavyweight financial institutions including Goldman Sachs, Jefferies, and Barclays to lead its prospective New York listing, with expectations of a valuation soaring above $4 billion. However, despite these preparations, Ledger has yet to file the confidential S-1 with the SEC, a critical step toward becoming a public company. Instead, the firm seems to be leaning towards exploring private fundraising avenues, a reflection of the sober market realities.

Kraken's story adds context to Ledger's decision. The exchange had confidentially filed for an IPO in November 2025, but shelved those plans by March 2026 due to a fall in valuation from a peak of $20 billion to $13.3 billion. It appears the public markets are already discounting crypto companies, leading industry players to reassess their public entry timelines.

Impact: Uncertainty and Market Reactions

The decision to delay has tangible effects. For Ledger, and its investors, the suspension of IPO plans means postponed liquidity events. Existing investors and employees who were eyeing a public exit now face secondary sales as their primary liquidity route. This was witnessed in March when Ledger executed a $50 million secondary share sale, though such private rounds often lack the scale and depth of public markets.

BitGo, the sole crypto firm to debut on public markets in 2026, faced its own challenges post-IPO. Launching at $18 per share in January, BitGo has seen a decline, now trading around $12. This 30% drop is a cautionary tale for peers who might be reconsidering their IPO strategies. The message is loud and clear: the current market isn't welcoming to new crypto listings with open arms.

Outlook: Watching and Waiting

As Ledger and other crypto firms navigate these turbulent waters, one can't help but ask, will the IPO market revive in the latter half of 2026? Token prices, trading volumes, and the performance of the next crypto-adjacent listings will be key in answering this question. Ledger, on its part, isn't sitting idle. The company is expanding its US operations, having recently hired a chief financial officer from Circle and investing in enterprise custody products aimed at banks. This suggests that Ledger is setting the stage for long-term growth, even if a public offering isn't imminent.

The crypto sector, eager for an upswing, remains on standby. The pause in IPO plans isn't merely a reflection of market conditions, but a strategic choice to wait for a more favorable environment. For Ledger, and indeed for the industry, the coming months will be defining. As the saying goes, timing is everything, and right now, patience might just be the best strategy.