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Ledger is exploring a US IPO that could value the company above $4 billion.
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The hardware wallet maker reported record revenue in 2025.
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Rising crypto theft has increased demand for self-custody solutions.
IPO Plans Take Shape
Ledger is exploring a potential US IPO that could value the company at more than $4 billion, according to the Financial Times. The Paris-based firm is reportedly working with Goldman Sachs, Barclays, and Jefferies on the possible listing.
The IPO could take place as early as this year, though plans are not finalized.
Security Drives Growth
Ledger’s valuation jump reflects strong financial performance. CEO Pascal Gauthier previously said the company generated triple-digit million-euro revenue in 2025, driven by rising security concerns among crypto holders.
According to Chainalysis, crypto-related scams and fraud totaled $17 billion last year, pushing more users toward hardware wallets and self-custody.
Part of a Broader IPO Wave
Ledger’s move follows several high-profile crypto IPOs. BitGo recently debuted on the NYSE, while Circle, Bullish, and Gemini all went public in 2025.
The renewed IPO activity highlights growing investor appetite for crypto infrastructure firms rather than speculative token projects.
