Ledger

05/2026. Ledger paused preparations for a US listing on 13/05/2026, citing market conditions, having never filed a registration statement either publicly or confidentially. The $4bn target therefore goes untested, the Goldman Sachs, Jefferies and Barclays mandate sits idle rather than withdrawn, and a private raise remains the stated alternative — a deferred option rather than a closed one.

03/2026 — John Andrews joined as Chief Financial Officer from Circle, where he led capital markets and investor relations, alongside a multi-million-dollar New York office housing Ledger Enterprise; The CFO hire closed the most conspicuous gap in the management team ahead of a listing.

01/2026 — Reporting revealed that Goldman Sachs, Jefferies and Barclays had been mandated to lead a US listing that could value Ledger above $4 billion. Established the $4bn figure that has anchored every subsequent valuation discussion, despite never being tested by a transaction.