Ledger Halts $4B US IPO: Public Markets Slam Door on Crypto Listings

Ledger just pulled the plug on its massive $4 billion US IPO, following Kraken's lead. Public markets are officially ghosting crypto, and that's bad news for your spreads.

$4 BILLION IPO GONE: Ledger officially slams the brakes on its US public offering, ditching plans for a 2026 listing.

This isn't just one company; it's a full-blown retreat. Ledger's move, mirroring Kraken's earlier pause, signals that public markets are done with crypto's hype train for now.

$4 BILLION was the valuation target. ZERO filings with the SEC. ZERO confidence from Wall Street. Public markets are already discounting crypto operators, with Kraken's valuation tanking from $20B to $13.3B.

For Binance P2P and Bybit P2P merchants, this means less institutional money flowing into the ecosystem. Expect tighter liquidity and wider spreads as the big players stay on the sidelines, forcing more volume onto your books.

**The crypto IPO wave of 2026 is officially dead. Get ready for a private market grind.