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, 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 eyes a New York IPO at a valuation above $4B, per the Financial Times. pic.twitter.com/P3wHqEmnxj
— CoinGecko (@coingecko) January 23, 2026
Ledger’s Rapid Growth and IPO Ambitions
Founded in 2014, Ledger manufactures physical crypto wallets 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 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 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.
