Crypto wallet maker Ledger has paused its initial public offering, citing difficult market conditions. Unnamed sources familiar with the listing told CoinDesk today that Ledger has not yet filed an S-1 application with the Securities and Exchange Commission (SEC).
Crypto exchange Kraken also delayed its IPO until market conditions improve. Its parent company, Payward, privately filed a draft S-1 registration with the SEC in November 2025.
Recently listed crypto firms show poor performance across the industry. Stablecoin issuer Circle was listed on the New York Stock Exchange in June 2025. Its stock price reached $263 within a month, but then fell 52% to $126 today.
Trading platform eToro went public in May 2025. Its stock price has fallen almost 42% since listing. Peter Thiel-backed exchange Bullish saw a 53% drop in its stock price after going public in August 2025.
BitGo went public in January 2026. Its stock plummeted almost 47%. Bitcoin firm Fold recorded a 64% drop after going public in February 2025.
Greyscale filed for an IPO in November 2025. The company reported a 20% revenue drop during the first nine months of 2025. Winklevoss twin-controlled crypto exchange Gemini also filed for an IPO in June 2026.
Galaxy Digital shows a different trajectory. Since its US market listing in May 2025, its stock has risen 41% to $31.