Key Insights:
- Ledger is exploring a US IPO that could value the hardware wallet maker at over $4 billion.
- BitGo became the first crypto firm to go public in 2026, with backing from YZi Labs.
- Ripple says it has no IPO plans as it focuses on compliance and stablecoin expansion.
Crypto IPO momentum is returning to US markets as digital asset firms look to public listings. Ledger is preparing a potential US IPO that could value the hardware wallet maker at above $4 billion.
BitGo has completed the first crypto public offering of 2026, while Ripple continues to focus on compliance and stablecoin growth. The firm is maintaining its position as a private company despite investor interest.
Ledger IPO Move Highlights Shift Toward US Capital Markets
Ledger’s plan to explore a US listing has become a clear signal of where crypto companies now see long-term funding. The Paris-based hardware wallet maker is working with Goldman Sachs, Jefferies, and Barclays on a potential IPO that could value the company at more than $4 billion.
Sources familiar with the matter say the deal could take place this year, although final timing remains uncertain. Market participants believe that a US listing at a higher valuation would mean both business growth and renewed confidence. This is true for crypto firms with clear products and revenue.
The company has benefited from growing concerns around security. According to Chainalysis, crypto scams and fraud led to losses of about $17 billion last year, up from $13 billion in 2024.
Ledger Chief Executive Officer Pascal Gauthier said the company recorded triple-digit million-dollar revenue as more users turned to self-custody solutions. Gauthier has also been direct about why the US is the preferred market.
In an interview last November, he said crypto capital is now centered in New York. He added that Europe no longer offers the same depth of funding.
While Ledger recently disclosed a breach tied to an external payment provider, the company confirmed that wallets, devices, and recovery phrases were not affected.
BitGo Becomes First Crypto IPO of 2026 as YZi Labs Joins in
BitGo has already tested investor appetite. The crypto custodian listed on the New York Stock Exchange this week, becoming the first crypto IPO of 2026. As reported, the company debuted at a valuation of roughly $2.1 billion, with shares closing higher on the first day of trading.
BitGo focuses on custody services for institutions, a segment that has grown as large investors seek regulated access to digital assets. Its listing followed strong demand and was viewed as a benchmark for other crypto firms considering public markets.
YZi Labs confirmed it made a strategic investment in BitGo’s IPO. The firm said it is backing regulated infrastructure that can support the next wave of institutional capital entering crypto.
The move shows growing confidence in service-driven crypto businesses rather than trading-focused platforms. BitGo’s IPO follows earlier US listings by Circle, Gemini, and Bullish. Essentially, these deals show a steady reopening of public markets to crypto companies after years of uncertainty tied to regulation and enforcement actions.
Ripple Rules Out Near-Term Listing
Despite investor interest, Ripple’s leadership has made it clear that a public listing is not on the table for now. Ripple President Monica Long recently confirmed that the company has no plan or timeline for an IPO.
In a recent discussion, she said Ripple’s priority for 2026 is compliance and institutional adoption. This is built particularly around stablecoins such as RLUSD, which has already cleared the New York Trust license and is working toward a federal charter.
Still, Long explained that companies often pursue IPOs to access capital and liquidity, but Ripple does not currently need either. She pointed to the firm’s strong balance sheet and ongoing interest from strategic partners such as Citadel and Fortress as reasons Ripple can continue to fund growth privately.
Ripple’s position shows a split in the market. While firms like Ledger and BitGo are turning to public markets, others with deep private backing are choosing to wait.