Ledger Pauses U.S. IPO Plans

ERC, a Paris-based hardware wallet maker, has put its plans for a U.S. Initial public offering on hold due to challenging crypto market conditions. The company, which had explored a public listing valuing it near $4 billion with advice from Goldman Sachs, Jefferies, and Barclays, has not filed a formal S-1 registration statement with the United States — United States Securities and Exchange Commission. Instead, ERC is considering alternatives such as a private capital raise. This decision mirrors a broader trend in the digital asset sector, where other companies like Kraken and Consensys have also delayed their IPOs. The market has seen lower Bitcoin and Ethereum prices, weaker trading volumes, and uneven equity performance, exemplified by BitGo's stock falling below its offering price after its January debut. Despite the IPO delay, ERC continues its U.S. expansion, appointing John Andrews as CFO and opening a New York office to focus on institutional clients.