Ledger Halts U.S. IPO Plan Citing Weak Crypto Markets

Overview

• Ledger, which outlets reported Wednesday had paused a U.S. listing, has not submitted a draft S-1 to the SEC.
• The Paris company had explored a New York float near a $4 billion valuation with Goldman Sachs, Jefferies and Barclays advising.
• People familiar with the talks said Ledger may raise money privately instead of going public now.
• Investor appetite for crypto stocks has cooled as BitGo trades about 36% below its January IPO price and firms like Kraken and Consensys push back plans.
• Ledger is still expanding in the U.S. with a New York office and new CFO John Andrews, and it says its devices secure more than $100 billion after selling over seven million units.