French Crypto Wallet Maker Ledger Eyes $4 Billion US IPO
Ledger IPO in the works? Paris-based crypto hardware wallet manufacturer explores NYSE listing amid surge in crypto security concerns
Quick overview
- Ledger is preparing for a potential IPO in the US, aiming for a valuation exceeding $4 billion.
- The company has hired major banks to assist with the listing on the NYSE, which could occur as early as 2026.
- Ledger's sales reached record highs in 2025, driven by increasing concerns over cryptocurrency security amid rising cyber threats.
- The anticipated IPO aligns with a broader trend of cryptocurrency companies going public, signaling a maturation of the bitcoin market.
Reports from the Financial Times say that Ledger, one of the world’s top manufacturers of bitcoin hardware wallets, is getting ready for a possible initial public offering (IPO) in the US that could value the French company at more than $4 billion.
The Paris-based company has hired the big financial banks Goldman Sachs, Barclays, and Jefferies to help them figure out how to list on the NYSE, which could happen as soon as 2026. The possible price is a big premium—more than 167% higher than the company’s $1.5 billion estimate from its 2023 fundraising round.
Ledger’s Record Performance Drives IPO Ambitions
Ledger, which started in 2014, makes real hardware wallets that look like USB drives and hold bitcoin private keys offline. This keeps digital assets safe from viruses and online attacks. Pascal Gauthier, the CEO, said that the company had its best financial year yet in 2025, with sales reaching “triple-digit millions” euros.
This rise comes at a time when the cryptocurrency business is facing more and more cyber threats. According to the research company Chainalysis, crypto theft reached shocking heights in 2025, with reports saying that between $3.4 billion and $17 billion were lost through hacks, scams, and fraud all year long.
Gauthier stated in late 2025 that “We’re being hacked more and more every day—hacking of your bank accounts, of your crypto, and it’s not going to get better next year and the year after that.” This showed that people were worried about security and wanted Ledger’s products.
The company now protects more than $100 billion in Bitcoin for consumers all over the world, which shows how important it is to the bitcoin ecosystem.
Strategic Shift to US Markets
Gauthier originally hinted at Ledger’s plans for an IPO in November 2025, telling the Financial Times that the company was thinking about either going public in New York or financing money privately. His reasoning was clear: “Money is in New York today for crypto; it’s not in Europe, and it’s not anywhere else in the world.”
Ledger did not confirm the IPO plans when asked for comment, but pre-IPO shares have already started trading on secondary marketplaces like Linqto and EquityZen for about $4.50 per share, which shows that investors are quite interested.
True Global Ventures, 10T Holdings, Morgan Creek, Korelya Capital, and Molten Ventures are some of the investors in the company.
Part of a Larger Wave of Crypto IPOs
Ledger’s possible listing comes at a time when public offerings for cryptocurrency companies are gaining new impetus. The news comes after BitGo’s spectacular launch on the NYSE on Thursday, when the crypto custody business raised $212.8 million by selling shares at $18 each, giving the company a market value of more than $2 billion. On the first day of trading, BitGo’s stock rose 24%, and YZi Labs, which is funded by former Binance CEO Changpeng Zhao, made a strategic investment in the company.
In 2025, many crypto companies went public, including Circle, which issues stablecoins, in June; Bullish, an exchange, in August, raising $1.1 billion; and Gemini, which debuted on Nasdaq with $425 million. Other big names, like Kraken, ConsenSys, and Austria’s Bitpanda, are apparently looking for listings in 2026.
People who watch the industry see this wave of IPOs as a sign that bitcoin is growing up and becoming part of mainstream finance, especially when clearer rules and more institutional use come into play. Ledger seems to be in a good position to take advantage of this trend because more people want self-custody solutions and the company has a strong brand. However, as competition heats up in the hardware wallet industry, it will be important for Ledger to follow through and keep users’ trust.
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