Crypto firms put IPO plans on ice as listed companies tank

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 the New York Stock Exchange in June 2025 and the price of its stock shot up to $263 within a month. However, it’s since fallen -52% to $126 today. 

Read more: Anthropic’s non-existent blockchain shares are tripping up investors

Elsewhere, trading platform eToro, which went public in May 2025, has seen the price of its stock fall almost -42% since its listing, while Peter Thiel-backed exchange Bullish has endured a 53% fall in its stock price since it went public in August 2025. 

BitGo went public in January 2026 and has since seen its stock plummet by almost -47%, and bitcoin firm Fold went public in February 2025 and has recorded a drop of 64%.  

Greyscale, which filed for an IPO in November 2025, revealed at the time that it had suffered a 20% revenue drop within the first nine months of 2025. 

The Winklevoss twin-controlled crypto exchange Gemini also filed for an IPO in June 2026. 

However, bucking the trend is Galaxy Digital, which, since it was listed on the US market in May 2025, has enjoyed a 41% rise to $31.

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