Ledger Reportedly Targeting a U.S. Initial Public Offering 

Ledger, the leading French manufacturer of cryptocurrency hardware wallets like the popular Ledger Nano series, is reportedly preparing for a U.S. initial public offering (IPO) that could value the company at over $4 billion.

Ledger has enlisted major investment banks—Goldman Sachs, Jefferies, and Barclays—to lead the potential listing, likely on the New York Stock Exchange (NYSE). The IPO could happen as early as later this year, though plans are preliminary and subject to change.

This would represent a significant increase from Ledger’s last reported private valuation of around $1.5 billion in 2023 following a funding round. That’s roughly a 2.7x jump, driven by strong growth in the crypto security space.

Ledger has seen record revenues in recent years, including triple-digit millions, fueled by surging demand for secure self-custody solutions amid rising crypto hacks and thefts over $3.4 billion stolen in 2025 alone, per some reports. The company now secures over $100 billion in Bitcoin and other assets for users.

This fits into a broader wave of crypto firms eyeing public markets, following successes like Circle’s IPO in 2025. Institutional interest in crypto custody infrastructure is growing, positioning companies like Ledger as key players.

The move signals mainstream validation for hardware wallet providers as crypto adoption continues. However, as with any IPO, details like exact timing, share pricing, and final valuation will depend on market conditions and regulatory approvals.

Ledger’s potential U.S. IPO at a valuation over $4 billion reportedly targeting the NYSE, with Goldman Sachs, Jefferies, and Barclays leading carries several significant implications across the crypto ecosystem, traditional finance, investors, and users.

This comes amid a broader wave of crypto firms pursuing public listings in a more favorable regulatory environment. A jump from ~$1.5B in 2023 to >$4B represents roughly 2.7x growth in under three years. This reflects explosive demand for hardware wallets driven by record crypto thefts over $3.4B stolen in 2025 alone and Ledger’s reported triple-digit million revenues, plus securing $100B+ in assets.

Going public would provide fresh funding for R&D (e.g., new devices, enterprise custody tools, software/services), expansion into institutional markets, and potential acquisitions. It could shift Ledger toward more recurring revenue beyond one-time hardware sales via subscriptions or services. Public status means quarterly reporting, regulatory compliance (SEC filings), and shareholder demands for profitability/margins. Past controversies (e.g., recovery service backlash) could resurface under greater visibility.

This positions hardware wallets/cold storage as critical infrastructure—not just retail gadgets but essential for institutional adoption. It signals mainstream confidence in “not your keys, not your crypto” amid rising hacks and centralized exchange risks.

Ledger joins firms like Circle, Galaxy, and others listing in the U.S. under pro-crypto policies. Success could encourage more infrastructure plays (custody, security, wallets) to go public, accelerating integration with traditional finance.

Reinforces crypto’s maturation—shifting focus from speculative tokens to real-world utility companies. Could boost overall sector visibility and attract more institutional capital. 2023 investors like True Global Ventures, 10T Holdings stand to see major returns if the IPO prices successfully.

Public markets will scrutinize revenue quality, growth sustainability, and competition e.g., Trezor, BitBox, or software alternatives like multisig. A strong debut could lift valuations across similar companies; a flop might cool enthusiasm. Volatility in crypto prices, regulatory shifts, or execution issues could impact post-IPO performance.

Greater mainstream exposure could drive adoption, especially among institutions needing compliant self-custody solutions. Public funding might accelerate product improvements such as better UX, recovery options, integration with DeFi and ETFs.

Highlights the sector’s growth—more players may emerge, but Ledger’s lead (market share, brand) could strengthen. This move underscores crypto security as one of the most resilient, high-growth niches in the space right now. It’s a bet on long-term institutional demand for secure, non-custodial storage in a world of escalating threats.