Ledger Halts U.S. IPO Plans and Eyes Private Fundraising Amid Crypto Market Slump

Ledger has put plans for a U.S. initial public offering on hold, citing unfavorable market conditions, according to multiple reports ^{[1] [2]}.

People familiar with the matter said Ledger has not filed a draft S‑1 registration statement with the U.S. Securities and Exchange Commission and is weighing alternatives such as private fundraising; reports also said the company had engaged Goldman Sachs, Jefferies and Barclays as advisers for a potential IPO that could have valued the firm at about $4 billion ^{[3] [2]}.

Analysts and coverage note the decision highlights broader challenges for crypto companies as volatile market conditions have damped investor appetite for crypto IPOs ^{[1] [4]}.

Ledger is reassessing its route to capital and may pursue private fundraising instead of a U.S. IPO while market conditions remain unfavorable ^{[2] [3]}.