Ledger pauses US IPO plans amid unfavorable market conditions

Investing.com -- Crypto wallet maker Ledger has put its plans for a U.S. initial public offering on hold due to difficult market conditions, according to a Wednesday report by CoinDesk.

The French cryptocurrency security firm has not filed any draft S-1 registration statement with the Securities and Exchange Commission. A confidential filing is typically the first formal step in the IPO process.

Ledger has a number of options and could decide to raise capital privately, the report added.

In January, reports emerged that Ledger had hired U.S. investment banks for a potential IPO valued at around $4 billion. Goldman Sachs, Jefferies and Barclays were said to be advising on the offering, which could have come as early as this year.

Ledger is known for its hardware wallets that let people securely store cryptocurrencies offline. Its core business is protecting users' private keys, the cryptographic credentials that control access to digital assets like Bitcoin and Ether.

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