French crypto hardware wallet maker Ledger is reportedly preparing for a significant initial public offering (IPO) in the United States, with ambitions to achieve a valuation surpassing $4 billion. This development, first reported by the FT, marks a major step for the company in capitalizing on growing institutional interest in digital asset security.
Founded in 2014, Ledger has established itself as a leader in the self-custody space through its popular hardware wallet products, such as the Ledger Nano series.
These devices enable users to store private keys offline, providing robust protection against online hacks and theft—a critical feature in the volatile cryptocurrency ecosystem.
The company’s focus on secure storage has positioned it as an essential infrastructure provider, especially as institutional investors increasingly enter the crypto market.
To facilitate the IPO, Ledger has engaged three major investment banks: Goldman Sachs, Jefferies, and Barclays, which will serve as lead underwriters for the listing, likely on the New York Stock Exchange.
Sources indicate the process is underway, with a potential launch as early as 2026, though details remain preliminary and subject to market conditions and regulatory approvals.
This move comes after Ledger was valued at $1.5 billion during its last private funding round in 2023.
A $4 billion-plus IPO would represent more than a doubling—or nearly tripling—of that figure, reflecting strong confidence in the company’s growth trajectory.
Recent performance has been encouraging, with reports of record revenue in the triple-digit millions during 2025, driven by heightened demand for hardware wallets amid broader crypto adoption.
The timing aligns with a wave of cryptocurrency-related public listings. In 2025, companies such as Circle, Gemini, Bullish, and recently BitGo (which debuted on the NYSE at a $2 billion valuation) have gone public, signaling renewed momentum in the sector after a prolonged drought following Coinbase’s 2021 IPO.
Ledger’s emphasis on custody solutions is seen as particularly timely, as regulatory clarity—bolstered by pro-innovation policies under the current U.S. administration—encourages institutional capital inflows.
Industry observers highlight custody as a resilient theme in crypto. Experts note that secure storage infrastructure tends to withstand market fluctuations better than trading volumes or decentralized finance metrics.
With major players like BlackRock and others committing to digital assets, demand for trusted hardware solutions is expected to persist.
However, challenges remain.
Recent crypto market pullbacks, including Bitcoin’s price dips, have pressured many newly public crypto stocks.
Broader macroeconomic tightening could affect consumer spending on hardware devices, though Ledger’s growing institutional focus may offer greater stability.
Ledger‘s IPO would underscore the maturation of cryptocurrency infrastructure companies, transitioning from niche hardware providers to publicly traded entities integral to the evolving digital finance landscape.
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