Crypto wallet firm Ledger has paused its initial public offering (IPO) after getting spooked by tanking crypto stocks.

As reported by CoinDesk today, unnamed sources familiar with the listing claim that “difficult market conditions” were behind the pause, and that Ledger still hasn’t filed an S-1 application with the Securities and Exchange Commission (SEC). 

CoinDesk previously reported that crypto exchange Kraken was delaying its IPO until “market conditions improve.” Kraken’s parent company, Payward, privately filed a draft S-1 registration with the SEC in November 2025. 

Across the crypto industry, recently listed firms have seen far from stellar performance. 

Stablecoin issuer Circle was listed on…