Ledger, the Paris-based maker of hardware wallets, is reportedly advancing plans for a U.S. initial public offering, signaling fresh momentum for crypto companies seeking access to American capital markets. According to the Financial Times, the company has tapped banks including Goldman Sachs and Barclays to advise on a potential New York listing that people familiar with the matter say could value Ledger at more than $4 billion. While an IPO could happen as soon as this year, sources caution the timetable remains fluid. Ledger’s move follows a notable run of crypto-related listings and IPO preparations across 2025 and into 2026. Earlier this week custodial firm BitGo made its public debut, and other crypto-native names that have either gone public or launched U.S. listings recently include Circle (CRLC), Bullish (BLSH), eToro (ETOR), Figure (FIGR) and Gemini (GEMI). Grayscale and Kraken are also reported to be pushing ahead with IPO filings and plans. BitGo’s listing has been watched closely as a barometer for investor appetite. Shares opened with a 24.6% jump, valuing the company at roughly $2.59 billion. BitGo and existing shareholders sold 11.8 million shares above the marketed $15–$17 range, raising about $212.8 million—an outcome many see as an encouraging signal for other crypto infrastructure providers considering the public markets. Analysts say BitGo’s performance matters because it positioned itself as a profitable, regulated digital-asset infrastructure company rather than a business directly exposed to token price swings. “That helped insulate it from Bitcoin’s day-to-day volatility,” said Lukas Muehlbauer, an IPOX research associate, who described BitGo’s debut as a key test of demand for crypto-related offerings in 2026. Industry watchers expect more crypto IPOs to follow. “2025 marked the professionalization of crypto, and the public markets noticed,” said Mike Bellin, a PwC partner who leads the firm’s U.S. IPO practice. Still, the timeline for some deals has been pushed back: Elliot Han, CIO at C1 Fund, noted that a federal government shutdown and late-2025 market volatility delayed several listings into the first quarter of 2026. If Ledger does proceed with a New York IPO at the reported valuation, it would join a growing cohort of crypto companies looking to convert private gains into public capital—and provide investors another way to access the infrastructure underpinning the digital-asset ecosystem. Featured image from DALL-E; chart from TradingView.com. Read more AI-generated news on: undefined/news

#BTC