Ledger, the Paris-based maker of USB-style hardware wallets, is preparing for a possible U.S. initial public offering that could push its valuation past $4 billion — and perhaps into a $4–$5 billion neighborhood — as rising demand for cold storage and a friendlier regulatory environment spur crypto companies toward Wall Street. What’s happening - Financial Times reports Ledger has engaged Goldman Sachs, with Jefferies and Barclays also involved, as it explores a New York listing. Timing isn’t set and plans could change. - If it goes ahead, the IPO would be one of the largest crypto-related listings in recent years. Why Ledger matters - Ledger’s devices store private keys offline, protecting digital assets from hacks and software-wallet exploits. CEO Pascal Gauthier says the company secures roughly $100 billion of Bitcoin for customers. - The company raised money in 2023 at a $1.5 billion valuation and disclosed sales in the “hundreds of millions” in 2025, driven by growing security concerns. Bigger forces at play - Theft and fraud in crypto markets are climbing: Chainalysis estimates scams and fraud totaled about $17 billion in 2025, up from $13 billion in 2024 — a trend that boosts demand for cold custody solutions. - Political and market signals are also changing the calculus. The U.S. administration’s pro-crypto posture since President Trump’s return has accelerated interest in U.S. listings, and executives view New York increasingly as the center of crypto finance. A livelier IPO pipeline - Ledger’s potential move comes amid a flurry of crypto listings and preparation: Bitpanda is reportedly eyeing a Frankfurt float in 2025, BitGo is targeting a roughly $2 billion Wall Street listing, and Circle, Gemini and Bullish all completed public listings in 2024. - Investors and analysts point to several drivers behind the wave: clearer U.S. policy signals, stronger institutional demand for regulated crypto exposure, a pressing need for secure custody after major breaches, deeper capital pools in New York, and clearer liquidity paths for early backers. What to watch - Size and timing remain uncertain. If Ledger lists at a multibillion-dollar valuation, it would signal robust investor appetite for crypto infrastructure plays, not just trading platforms or exchanges. - The outcome will be watched closely as a barometer for how mainstream markets value security-focused crypto businesses amid continued regulatory and market shifts. Extra context - Outside the exchange and custody space, investor Grant Cardone has announced plans to list a Bitcoin-backed real estate firm in 2026 that would buy BTC using rental income, echoing strategies used by firms like MicroStrategy. In short: Ledger’s potential U.S. IPO would be a major test of Wall Street’s appetite for crypto infrastructure — driven by rising security needs, shifting policy, and a busier IPO market — but timing and final valuation are still up in the air. Read more AI-generated news on: undefined/news

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