Crypto majors slide as Ledger IPO plans and Trump bank lawsuit draw focus

Crypto’s biggest tokens traded lower in Decrypt’s market rundown, even as the week’s headlines showed the industry pressing further into Wall Street, Washington and public markets. For retail investors, the split is familiar: prices can fall on the day while the financial plumbing around crypto keeps expanding.

Decrypt reported Bitcoin down 1% at $89,100, Ether down 2% at $2,925, Solana down 2% at $127 and XRP down 2% at $1.90. Gold was approaching $5,000 and silver was nearing $100, according to the same rundown, putting crypto’s weakness next to strength in traditional hard assets.

Among the stronger crypto movers, Decrypt said LayerZero’s ZRO rose 15%, Axie Infinity’s AXS gained 10% and Dash climbed 8%.

Ledger looks toward a public listing

Hardware wallet maker Ledger is preparing for an initial public offering at a potential $4 billion valuation, Decrypt reported. An initial public offering, or IPO, is when a private company sells shares to public investors for the first time.

Ledger has enlisted Goldman Sachs, Jefferies and Barclays to support the planned listing, according to Decrypt. The move would add another crypto infrastructure company to public markets, giving stock investors a way to track the business of self-custody, the practice of users holding their own digital assets rather than leaving them on an exchange.

BitGo also moved into public markets. Decrypt said the crypto custody firm briefly jumped in its stock market debut before ending its first trading day just above its $18 IPO price. Custody firms store and safeguard assets for clients, a role that has become more important as institutions enter crypto.

Trump files $5 billion suit against JPMorgan

President Trump sued JPMorgan for $5 billion, alleging politically motivated “debanking,” Decrypt reported. Debanking refers to a bank ending or denying services to a customer, such as closing accounts or refusing to provide access to banking products.

The claim adds a political and legal fight to a broader crypto debate over access to banking services. Decrypt did not report JPMorgan’s response in the rundown.

Policy and institutional adoption stay in focus

PwC said institutional crypto adoption has moved past the point of reversal as regulatory frameworks shift from proposed rules toward active supervision, according to Decrypt. In plain terms, PwC is saying large financial firms are no longer treating crypto as a side experiment while regulators are moving closer to day-to-day oversight.

Ripple CEO Brad Garlinghouse predicted crypto could reach new highs in 2026, pointing to regulatory momentum and institutional participation as drivers, Decrypt reported. That remains an executive forecast, not a confirmed market outcome.

BlackRock CEO Larry Fink argued for using a single blockchain for tokenization to reduce corruption risks and help systems scale, according to Decrypt. Tokenization means representing real-world or financial assets, such as funds or bonds, as digital tokens on a blockchain.

In Washington, Treasury Secretary Scott Bessent reaffirmed the Trump administration’s support for U.S. crypto leadership and a strategic Bitcoin reserve, Decrypt reported. Kansas also introduced its own Bitcoin Strategic Reserve bill, adding another state-level proposal to hold Bitcoin as part of public reserves.

The day’s message was mixed: token prices were red, but the institutional and policy machinery around crypto kept moving. That gap is worth watching because public listings, custody firms, regulation and reserve proposals can shape how investors access the market, even when the coins themselves are down.

This story draws on original reporting from Decrypt.