Ledger Plans US IPO as Crypto Listings Regain Momentum

Ledger’s IPO plans reflect renewed investor appetite as crypto security demand and US market interest continue to rise.

Hardware wallet maker Ledger is preparing for a possible US initial public offering as confidence around crypto-focused public listings returns. As per reports, the firm could debut on Wall Street at a valuation of more than $4 billion. And if completed, the listing could rank among the largest crypto IPOs in recent years.

Ledger Looks to New York for IPO Backed by Top Investment Banks

According to a Financial Times report, the wallet maker is working with Goldman Sachs for the public debut. Jefferies and Barclays are the other parties involved in the deal. While discussions are ongoing, the exact timing of the launch has not been finalized. More so, those familiar with the process explained that plans may still change.

Ledger produces USB-like hardware wallets designed to keep digital assets offline and protected from hacks. After a 2023 funding round, the firm posted a valuation of $1.5 billion. Key leaders of the round were True Global Ventures and 10T Holdings. 

Since then, demand for secure storage has grown as theft and fraud across crypto markets have increased.

Interest in US listings has picked up since Donald Trump returned to the White House. His administration has voiced support for digital asset businesses and named crypto a strategic priority, drawing more firms toward American capital markets.

Ledger’s leadership has pointed to New York as a key hub for funding. Pascal Gauthier said last year that the city now sits at the center of crypto finance, adding that the company secures about $100 billion worth of Bitcoin on behalf of customers. Ledger’s last disclosed valuation remains the $1.5 billion figure from 2023.

IPO Momentum Builds Across Crypto as Custodians and Exchanges Step In

Recent activity shows how crowded the IPO pipeline has become. As per a Bloomberg report, Bitpanda is currently weighing a Frankfurt listing this year. 

At the same time, crypto custodian BitGo is set to debut on Wall Street with a target valuation of $2 billion. Besides the recent proposed IPOs, top firms such as Circle, Gemini, and Bullish went public last year.

Several factors are driving the current wave of crypto IPOs:

• Friendlier US policy signals toward digital assets.
• Rising institutional demand for regulated crypto exposure.
• Growing need for secure custody after major hacks.
• Deeper capital pools available in New York markets.
• Clearer paths to liquidity for early investors.

Beyond exchanges and custodians, new business models are also heading public. Investor Grant Cardone plans to list a Bitcoin-backed real estate company in 2026, using rental income to buy Bitcoin in a model similar to MicroStrategy.

Ledger’s revenue growth supports its IPO ambitions. In 2025, the company posted sales of hundreds of millions. And this impressive figure was driven by rising security concerns over software wallets. In fact, data from Chainalysis shows crypto scams and fraud totaled about $17 billion in 2025, up from $13 billion a year earlier.