Ledger, a French crypto security firm, has decided to pause its plans for a U.S. initial public offering (IPO) due to challenging market conditions that have dampened investor appetite for cryptocurrency listings. Initially, the company sought a valuation of around $4 billion and had engaged major investment banks, including Goldman Sachs, Jefferies, and Barclays, to assist with the IPO process. However, Ledger has not yet filed any formal registration with the U.S. Securities and Exchange Commission (SEC), which is typically the first step in the IPO process. In light of current market volatility, Ledger may consider raising capital through private means instead. The firm is known for its hardware wallets that securely store cryptocurrencies offline, protecting users' private keys. Earlier this year, Ledger expanded its U.S. operations by appointing John Andrews, a former executive from Circle Internet, as its chief financial officer and opening a new office in New York City to enhance its institutional business. This expansion is part of a multimillion-dollar investment aimed at increasing its presence in the U.S. market, which is seeing growing demand for digital asset infrastructure.