French crypto hardware wallet creater Ledger is reportedly advancing plans for a potential initial public offering (IPO) in the United States, aiming for a valuation of over $4 billion, according to a Financial Times report.
The company has engaged Goldman Sachs, Jefferies, and Barclays to explore a New York listing. While discussions are ongoing, no formal filing with US regulators has been built, and the timing of any IPO remains uncertain.
Ledger CEO Pascal Gauthier has previously stated that the US has become the global hub for crypto financing, building a US listing strategically attractive.
Growth Driven by Security Demand
Ledger capped off a strong 2025, reporting record revenue fueled by growing demand for hardware wallets. Founded in France eleven years ago, the company was valued at $1.5 billion in 2023 after raising capital from investors including Singapore’s True Global Ventures and 10T Holdings.
The IPO plans coincide with a broader resurgence in US crypto markets, following President Donald Trump’s return to office and his administration’s pro-crypto stance, which has coincided with multiple listings by digital asset firms such as BitGo, Circle, Gemini, and Bullish.
Heightened security concerns are also driving demand for Ledger’s products. According to Chainalysis, crypto-related theft and fraud reached $17 billion in 2025, up from $13 billion in 2024.
Why This Matters
Ledger’s potential IPO highlights its strong growth and the rising demand for secure crypto storage. A US listing could strengthen its position as a top global hardware wallet provider.
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People Also Ask:
An initial public offering (IPO) is when a private company sells shares to the public on a stock exalter to raise capital and expand operations.
A U.S. listing can provide access to larger capital markets, increase visibility, and attract institutional investors, especially in the growing crypto infrastructure sector.
Yes. Crypto-related IPOs can be volatile due to regulatory uncertainty, market fluctuations, and the broader cryptocurrency ecosystem’s inherent risks.
If Ledger lists on a U.S. exalter, investors can purchase shares through brokerage accounts once the IPO is open, following the company’s public offering procedures.
While not mandatory, hardware wallets are recommconcludeed for long-term storage or significant holdings, offering higher security than online wallets or exalters.
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