--- title: "Ledger Eyes $4 Billion US IPO Amid Crypto Security Boom" date: 2026-01-23 author: "Kelvin Scott" featured_image: "https://coinlaw.io/wp-content/uploads/2026/01/ledger-wallet-plans-for-us-ipo.jpg" categories: - name: "Investments" url: "/investments.md" tags: - name: "News" url: "/tag/news.md" --- # Ledger Eyes $4 Billion US IPO Amid Crypto Security Boom Ledger, the French crypto hardware wallet firm, is preparing to go public in the United States with a potential valuation exceeding $4 billion. ## Key Takeaways - Ledger is planning a New York IPO, working with Goldman Sachs, Barclays, and Jefferies as advisors. - The company was last valued at $1.5 billion in 2023, and a $4 billion valuation would mark a 167% increase. - CEO Pascal Gauthier emphasized the importance of the US market, stating that 40% of Ledger’s business comes from the US. - Rising crypto thefts have boosted demand for secure wallets, with Ledger reporting triple-digit million euro revenues in 2025. ## What Happened? Ledger, known for its hardware wallets that protect digital assets, is reportedly laying the groundwork for a US initial public offering. According to sources cited by the [Financial Times](https://www.ft.com/content/380bde8c-9952-4302-83be-e0440855b8ff), the Paris-based company is collaborating with top investment banks to launch the IPO as early as 2026. The proposed valuation could surpass $4 billion, a significant leap from its $1.5 billion private valuation just a year prior. > NEWS: [@Ledger](https://twitter.com/Ledger?ref_src=twsrc%5Etfw) eyes a New York IPO at a valuation above $4B, per the Financial Times. [pic.twitter.com/P3wHqEmnxj](https://t.co/P3wHqEmnxj) > > — CoinGecko (@coingecko) [January 23, 2026](https://twitter.com/coingecko/status/2014630004110627035?ref_src=twsrc%5Etfw) ## Ledger’s Rapid Growth and IPO Ambitions Founded in 2014, Ledger manufactures [physical crypto wallets](https://coinlaw.io/hardware-wallet-market-statistics/) used to store cryptographic keys, offering a safer alternative to online storage. The company has become a cornerstone in the crypto security space, now claiming that its wallets protect more than **20% of the world’s crypto assets**. - Ledger has reportedly secured over **$100 billion in Bitcoin** for its customers. - In 2023, it raised **$108 million in a Series C extension**, bringing its total Series C funding to **nearly $500 million**. - Revenues surged into the **triple-digit million euro range in 2025**, according to CEO Pascal Gauthier. This financial strength and the scale of operations have positioned the company to pursue a public listing. Gauthier had previously hinted that the company was ready for an IPO, telling media outlets that “**money is in New York today for crypto**” and that Ledger’s business is “**compatible with an IPO**.” ## Why New York? The decision to list in the US appears strategic. According to Gauthier, about **40% of Ledger’s activity comes from the US**, making it a natural fit for public trading on a major American exchange. The company also views the current environment as favorable, especially following recent political shifts that suggest a **more pro-crypto stance** in Washington. ## Rising Demand for Security Drives Growth Ledger’s IPO timing aligns with growing concerns over crypto security. As decentralized finance gains popularity, so do cyber threats. - A **Chainalysis report** noted that **$17 billion** was stolen through crypto scams and fraud in 2025, up from **$13 billion in 2024**. - This sharp rise in thefts has driven both retail and institutional investors to seek secure custody solutions, bolstering Ledger’s customer base and revenue. ## Part of a Larger Trend in Crypto IPOs Ledger’s move comes during a wave of public offerings in the crypto space. [**BitGo**, a crypto custodian, recently listed](https://coinlaw.io/bitgo-ipo-crypto-custody-2026/) on the **New York Stock Exchange** with a valuation over **$2 billion**, while **Circle**, **Bullish**, and **Gemini** have also gone public in the last year. In Europe, crypto exchange **Bitpanda** is reportedly considering an IPO in Germany by mid-2026, targeting a valuation between **$4.6 billion and $5.8 billion**. ## CoinLaw’s Takeaway In my experience, when a crypto company like [Ledger](https://coinlaw.io/ledger-statistics/) gets ready for a US IPO, it’s not just about raising money. It’s about signaling maturity, trust, and long-term vision to the world. I find Ledger’s move especially timely given the growing fears around crypto security. With hardware wallets becoming essential and over **$17 billion in thefts just last year**, their product is more relevant than ever. And let’s be honest, listing in New York adds credibility that few other markets can offer. This IPO could be a defining moment for crypto infrastructure firms looking to scale globally. Definition of Cold Wallet. Link to full glossary entry follows the description.**Cold Wallet**A cold wallet is an offline crypto storage method that keeps private keys disconnected from the internet, reducing the risk of hacking and unauthorized access. [Read more](https://coinlaw.io/glossary/cold-wallet/)