Ledger Plans U.S. IPO with Potential Valuation Over $4 Billion

In Brief

• Ledger prepares for a U.S. IPO, eyeing a $4B+ valuation.
• The company partners with Goldman Sachs, Jefferies, and Barclays.
• Ledger’s revenue surpassed $100 million amid rising crypto thefts.

French hardware wallet manufacturer Ledger is preparing for an initial public offering (IPO) in the U.S. The move could lead to a valuation exceeding $4 billion, per Financial Times (FT) reports.

Ledger has partnered with Goldman Sachs, Jefferies, and Barclays to facilitate the IPO. Sources familiar with the matter indicate that the deal could close later this year. The company aims to secure a listing on the New York Stock Exchange, aligning with its strategy to tap into the growing U.S. market.

Company Growth and Rising Demand for Crypto Security

Founded in 2014, Ledger specializes in hardware wallets that offer secure storage for cryptocurrency assets. It saw significant growth in 2025, driven by a surge in demand for secure custody solutions amid rising crypto thefts. Ledger’s annual revenue reached over $100 million in 2025, further reinforcing the decision to pursue a U.S. listing.

In 2023, the company was valued at $1.5 billion following a successful funding round. Major investors included True Global Ventures and 10T Holdings. Despite its European origins, Ledger’s CEO, Pascal Gauthier, emphasized the importance of New York for crypto financing. He stated that “money is in New York today for crypto,” highlighting the region’s critical role in the industry.

Secure Cryptocurrency Storage Amid Rising Scams

Ledger’s planned IPO follows a rise in cryptocurrency thefts. According to Chainalysis, approximately $17 billion was stolen in crypto scams and fraud in 2025. As the demand for secure storage solutions grows, Ledger is well-positioned to capitalize on the expanding market.

This IPO move positions Ledger to continue its growth trajectory, marking a new chapter in the company’s expansion in the global crypto market.