[Ledger Delays U.S. IPO Plans, Considers Private Financing Instead] According to a report by CoinDesk, hardware wallet manufacturer Ledger has paused its plans to go public in the United States due to unfavorable market conditions. Sources familiar with the matter revealed that earlier this year, Ledger had discussions with investment banks such as Goldman Sachs, Jefferies, and Barclays regarding a U.S. IPO, with a potential valuation of approximately $4 billion. However, the company has yet to file an S-1 registration document with the SEC. Ledger is currently evaluating other options, including private financing. The report noted that after multiple crypto companies went public in 2025, factors such as weakening token prices, declining trading volumes, and stock market volatility have led several institutions, including Kraken, to delay their IPOs. Meanwhile, BitGo, the only crypto-native company to go public in 2026, has seen its stock price fall below its offering price of around $36.