Ledger shelves IPO

Ledger, the French crypto wallet maker, has paused its U.S. IPO plans due to unfavorable market conditions. The company had reportedly hired Goldman Sachs, Jefferies, and Barclays for a potential listing valued around $4 billion. The move reflects broader hesitation among crypto firms: Kraken similarly paused its IPO earlier this year, while BitGo – the only crypto-native company to go public in 2026 – saw its shares fall 36% below their January IPO price. Read more →

Coinbase is now Hyperliquid's official treasury deployer for USDC, replacing the platform's native stablecoin USDH, which will phase out over time. Native Markets, which operates USDH, granted Coinbase rights to purchase USDH brand assets and will allow users to redeem USDH for USDC or fiat without fees during the transition. As of right now this actually seems like a pretty huge deal… HYPE spike ~5% on news of the deal. Read more →

Jane Street’s latest 13F shows a sharp pullback in reported bitcoin-linked holdings, including a 71% cut to IBIT, a 60% cut to FBTC, and a 78% reduction in MSTR. At the same time, the firm increased exposure to Ether ETFs, nearly doubling its Ethena, Fidelity’s Ethereum, Riot Platforms, Coinbase, and Galaxy Digital. On paper, that looks like Jane Street rotating away from bitcoin and toward ether – but with a market maker, the obvious read is not always the right one. As a reminder, Jane Street increased its MSTR position by nearly 500% in Q4 2025, all while the stock was falling off a cliff. That looks less like a long heroic bet, and more like part of a broader short position. Read more →

📥️ Want to advertise in CoinSnacks? Learn More