Ledger IPO: Crypto Wallet Firm Pauses U.S. Public Offering Amid Bear Market Conditions

Crypto wallet firm Ledger has put its proposed U.S. IPO plans on hold due to current market conditions. The crypto firm has notably not yet begun the process for the Ledger IPO, with a filing with the U.S. Securities and Exchange Commission (SEC) still pending.

Ledger IPO Put On Hold Due To Bear Market Conditions

According to a CoinDesk report, Ledger has put its plans for a U.S. IPO on hold due to the current bear market conditions, citing two people familiar with the matter. As a result, the firm has yet to file a draft registration statement for the IPO with the SEC, a step that officially kicks off the process.

CoinGape reported in January on the Ledger IPO, with the crypto wallet maker eyeing a $4 billion valuation at the time. However, the crypto bear market has hit since then, weighing on the operations of several crypto firms.

Meanwhile, according to the CoinDesk report, the crypto wallet maker has several options besides a U.S. IPO and could raise capital privately. It is worth noting that the bear market has dampened the crypto IPO momentum, which was prominent last year.

Crypto firms such as USDC issuer Circle and crypto exchanges Bullish and Gemini all went public last year, with their IPOs oversubscribed and collectively raising over $14 billion. Crypto custodian BitGo remains the only crypto firm to have gone public this year, with the Ledger IPO now on hold. BitGo went public at a valuation of over $2 billion.

Other Firms Stalling Amid Market Conditions

The crypto wallet joins Kraken, which had also put its IPO plans on hold due to the current market conditions. However, unlike the proposed Ledger IPO, Kraken’s IPO plans went further, with the crypto exchange filing a confidential draft registration statement with the SEC last year.

Meanwhile, it is worth noting that asset manager Grayscale is also eyeing a U.S. IPO. The crypto ETF issuer filed the S-1 for its proposed IPO with the SEC last November, but has yet to proceed with the public listing.

As crypto firms pause their proposed IPOs, the stock market could still see the largest IPO ever this year. Elon Musk’s SpaceX is looking to go public this year, potentially raising up to $75 billion at a valuation of up to $1.75 trillion, surpassing Saudi Aramco’s public listing.