French hardware wallet maker Ledger is exploring a potential initial public offering in New York that could value the company at more than $4 billion. The move reflects growing investor appetite for crypto infrastructure firms as demand for secure self-custody solutions accelerates.
IPO Preparations and Valuation Outlook
Ledger has reportedly engaged major investment banks, including Goldman Sachs, Barclays, and Jefferies, to advise on a possible US listing. While no final decision has been made, the offering could take place as early as 2026. A valuation above $4 billion would represent a significant jump from the company’s $1.5 billion valuation in 2023, implying growth of more than 160%.
Founded in 2014, Ledger has benefited from heightened concerns over crypto security. The company recorded triple-digit million-euro revenue in 2025, fueled by rising hardware wallet sales. The surge followed a year marked by widespread crypto theft, with chainanalysis data estimating $17 billion lost to scams and fraud, pushing users toward cold storage solutions.
Ledger’s IPO consideration comes amid a broader wave of crypto-related public listings in the US. Institutional interest and clearer regulatory frameworks have helped position New York as a preferred venue for crypto firms seeking deep capital markets.
If finalized, Ledger’s listing would underscore the growing importance of secure digital asset custody as crypto adoption continues to expand globally.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.