Ledger has put plans for a U.S. initial public offering on hold as crypto market conditions weigh on investor demand for new listings, according to people with knowledge of the matter, according to a report from CoinDesk. 

The Paris-based hardware wallet maker has not filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission, a step that signals formal IPO intent. The company is weighing alternatives, including a private capital raise, one source said.

Earlier this year, Ledger explored a public listing that could have valued the firm near $4 billion. Goldman Sachs, Jefferies, and Barclays were engaged to advise on the potential offering, which had been…

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