Overview
- Reports on Wednesday said Ledger paused plans for a U.S. listing after reassessing how investors are treating crypto offerings.
- Ledger has not submitted a draft S-1 to the SEC, the filing that starts a formal U.S. IPO process.
- The company is considering a private capital raise after earlier work with Goldman Sachs, Jefferies, and Barclays on a New York listing that discussed a valuation near $4 billion.
- The shift tracks a broader pullback in crypto listings, with Kraken delaying its IPO plans and BitGo now trading about 36% below its January offer price.
- Ledger is still building its U.S. footprint, hiring CFO John Andrews in March and opening a New York office to serve institutional clients through its Ledger Enterprise platform.