Ledger is preparing for an initial public offering on the New York Stock Exchange, seeking a valuation of more than $4 billion. The Paris-based hardware wallet maker has brought in Goldman Sachs, Jefferies, and Barclays to lead the potential deal, which could happen as early as this year, according to the Financial Times. At that level, the company would be valued at nearly three times its $1.5 billion valuation in 2023.
Hardware wallet scale gives Ledger a strong listing pitch
Founded in 2014, Ledger sells USB-style hardware wallets designed to keep crypto assets offline and away from online attacks. The company has sold about 8 million devices worldwide and says it currently secures more than $100 billion in Bitcoin for customers. That footprint has made Ledger one of the most recognizable names in self-custody as users and institutions put more weight on asset protection.
Chief executive Pascal Gauthier has argued that New York matters more than Europe for crypto finance because capital for the sector is concentrated there. In November 2025, he said Ledger’s annual revenue had climbed above $100 million, with the company posting triple-digit million revenue in its strongest year on record.
Rising theft and fraud sharpen focus on self-custody
Demand for hardware wallets has been supported by a harsher security backdrop. Chainalysis said crypto-related scams and fraud led to about $17 billion in stolen funds in 2025, up from $13 billion in 2024. That jump, along with exchange failures and increasingly sophisticated hacking operations, has pushed more users toward cold storage and direct control of private keys.
Ledger has also been broadening its product mix. Recent launches such as Nano Gen5 and enterprise multisig offerings point to a model that leans less on one-time hardware sales and more on recurring fee-based services. The company still faces pressure from competitors including Trezor and Tangem, while some customers have criticized the fee structure tied to newer wallet products.
US listing queue grows as market window stays open
The planned IPO comes as more crypto firms pursue US listings. The report notes that BitGo debuted on the NYSE on January 22, with shares opening 36% above the $18 offer price. Ledger’s move is also being viewed in the context of a more favorable US policy setting for digital asset businesses.
The broader cold storage market is projected to grow from $612 million in 2025 to $2.06 billion by 2030. Even so, Ledger’s IPO plans are not final and could still shift with market conditions or regulatory developments. Representatives for Ledger, Goldman Sachs, Jefferies, and Barclays declined to comment.