Ledger, a French provider of crypto hardware wallets, is said to have plans for an IPO in the United States.
With this step, Ledger would join a growing group of digital asset companies considering a listing in the U.S. due to a favorable regulatory climate.
Crypto wallet maker Ledger is considering a U.S. IPO.
According to the Financial Times, Ledger has enlisted the investment banks Goldman Sachs, Jefferies, and Barclays to explore a potential listing. The company could be valued at more than $4 billion.
This would be a significant increase from the valuation of $1.5 billion in 2023, following a funding round with True Global Ventures and 10T Holdings as investors. According to the FT, which cites sources familiar with the matter, the IPO could potentially take place this year.
However, the plans may still change. BeInCrypto has also approached Ledger, but the company declined to comment.
Ledger has previously indicated interest in the U.S. capital market. In November 2025, CEO Pascal Gauthier stated that the company is considering options for future financing, including an IPO in New York or a private investment round.
“The money for crypto is today in New York, nowhere else in the world, certainly not in Europe,” he said.
The potential IPO is taking place while the company shows strong revenue growth. Gauthier stated that Ledger's revenue was already in the hundreds of millions of dollars in November 2025.
This growth is likely due to the strong increase in crypto hacks. As crypto crime continues to rise, more and more investors are opting for hardware wallets to protect their assets.
According to estimates from Chainalysis, crypto scams and frauds could have caused losses of more than $17 billion in 2025.
However, there is also criticism of the plans, including from crypto researcher ZachXBT. He expressed concerns about previous security incidents and product issues at Ledger.
“Ledger, a French security company, has been hacked multiple times, resulting in customer data leaks, which has led to targeted thefts and millions in losses. The current products have significant issues, such as the battery of the Ledger Nano X. Now Ledger wants to gain even more from a U.S. IPO, after it was previously announced that they will also charge a % for clear signing,” he wrote.
Earlier this month, BeInCrypto reported that Ledger faced a data leak, in which customer information was leaked through an external service provider, Global-e. The company had previously experienced a security incident in 2020 where customer data was also exposed.
Meanwhile, Ledger's plans come shortly after BitGo made its market debut as the first major crypto IPO of 2026. This crypto storage company was listed on the New York Stock Exchange on January 22 and brought its shares to market at $18.
The share opened 24.6% higher at $22.43, making BitGo worth approximately $2.2 billion. This follows a series of crypto listings in 2025, when Circle, Figure Technology, Gemini, and Bullish went public. Grayscale and Kraken have also filed for a listing.