Ledger, the French crypto wallet maker best known for hardware devices that store crypto offline, has reportedly put its U.S. IPO plans on hold as market conditions weaken, CoinDesk has learned, citing two people familiar with the matter.
The sources claim Ledger paused the listing plan because public-market conditions had become less favorable, while one person told CoinDesk the firm hasn't filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission, usually the formal first step toward an IPO.
The pause doesn't mean Ledger has stopped looking for capital.
Ledger had reportedly hired Goldman Sachs, Jefferies and Barclays earlier this year for a possible U.S. IPO that could have valued the company at about $4 billion. That would have been a sharp step up from its 2023 funding-round valuation of about $1.5 billion, Yahoo Finance reported earlier.
As of press time, Ledger made no public statements on the matter.