Ledger is considering a U.S. initial public offering in a move that highlights renewed investor appetite for crypto-related public listings. According to reports, the Paris-based hardware wallet maker could seek a valuation of more than $4 billion, a sharp step up from its $1.5 billion valuation in its 2023 funding round.
Sources familiar with the matter said the company is working with Goldman Sachs, Jefferies, and Barclays on a potential New York listing. The timing has not been finalized, and the plan could still change. If completed, the deal would rank among the more significant crypto IPOs seen in recent years.
Security demand is boosting the self-custody market
Ledger makes USB-style hardware wallets designed to keep digital assets offline, reducing exposure to online attacks. Demand for such products has grown as crypto theft and fraud continue to rise. Data cited from Chainalysis shows that crypto scams and fraud reached roughly $17 billion in 2025, up from $13 billion in 2024.
That backdrop has supported Ledger’s business momentum. Company disclosures indicate that Ledger generated hundreds of millions of dollars in sales in 2025. Chief executive Pascal Gauthier previously said the firm secures around $100 billion worth of Bitcoin and other crypto assets for customers, underscoring the scale Ledger has achieved in the digital asset security market.
U.S. market conditions are helping reopen the IPO window
Interest in U.S. listings has also accelerated as Washington’s stance toward digital assets has become more supportive. The report notes that after Donald Trump returned to the White House, the administration signaled stronger backing for crypto businesses and treated cryptocurrency as a strategic priority. At the same time, New York continues to offer deeper capital pools for regulated crypto infrastructure companies seeking institutional investors.
Gauthier said in 2024 that New York had become the center of cryptocurrency finance. For Ledger, a U.S. listing could strengthen its access to capital and improve its positioning in the increasingly competitive market for regulated custody and security infrastructure.
Ledger joins a broader wave of crypto IPO candidates
Ledger is part of a wider pipeline of crypto firms moving toward public markets. Austrian trading platform Bitpanda is considering a Frankfurt listing in 2025, while crypto custodian BitGo is preparing for a Wall Street debut with a target valuation of about $2 billion. Circle, Gemini, and Bullish also completed public listings in 2024.
Analysts say the current IPO wave is being driven by several factors: friendlier U.S. policy signals, stronger institutional demand for regulated crypto exposure, rising custody needs after major security breaches, and clearer liquidity paths for early investors. For Ledger, the key question is not only whether it can command a $4 billion to $5 billion valuation, but also whether hardware wallets can win lasting support from Wall Street as the security layer of the crypto economy.