Ledger’s rumored US IPO has put the hardware wallet maker back in the spotlight — and reignited debate over its security record, product reliability and recent business-model changes. What’s happening - According to the Financial Times, Paris-based Ledger is working with major investment banks on a potential New York listing that could happen as early as this year. The proposed IPO would value the company at more than $4 billion. - If realized, that would be a big step up from Ledger’s roughly $1.5 billion valuation in its 2023 funding round and would join a wave of high-profile crypto infrastructure filings and listings in the US, including BitGo, Circle, Gemini and Bullish. Why Ledger matters - Ledger builds hardware wallets that store crypto offline — a cornerstone of self-custody that limits exposure to exchange hacks and online attacks. The company has benefited from renewed interest in self-custody as crypto adoption grows and security incidents persist across the sector. - Executives and market observers increasingly see New York as a hub for liquidity and institutional demand for digital-asset businesses, which helps explain Ledger’s US IPO plans. Community scrutiny and security concerns - The IPO talk has revived scrutiny of Ledger’s past security incidents. Blockchain investigator ZachXBT flagged previous data breaches that exposed customer contact information and were linked to phishing campaigns and targeted thefts (source: X). - Ledger has acknowledged incidents including a widely reported 2020 breach that leaked customer contact details. The company says no private keys were compromised — but data leaks remain a sensitive issue for a firm whose core promise is security. - Users and observers have also pointed to reported hardware problems — such as battery-related complaints — as evidence that Ledger’s devices are not without operational risk. Monetisation changes draw criticism - Ledger has introduced changes to its revenue model, including fees tied to a “clear signing” feature meant to help users better understand transaction details before approval. The company frames this as a safety enhancement. - Some critics, however, question the timing and motive, suggesting the new fees risk extracting value from an existing customer base ahead of an IPO. What’s next - Ledger has not formally confirmed an IPO timeline. If it proceeds, public-market investors will likely vet both growth prospects and the company’s historical security record closely. - The proposed valuation and US listing plan underscore growing investor appetite for crypto infrastructure plays, but also highlight how security history and product trust will be central to Ledger’s public-market story. Disclaimer: AMBCrypto’s content is informational and should not be construed as investment advice. Trading, buying or selling cryptocurrencies carries high risk — readers should do their own research before making any decisions. © 2026 AMBCrypto Read more AI-generated news on: undefined/news