Crypto Hardware Wallet Maker Ledger Explores $4B US IPO
- Ledger targets a $4B valuation as demand for secure self-custody wallets accelerates.
- Rising crypto hacks and fraud drive stronger demand for offline hardware security.
- Goldman, Jefferies, and Barclays back Ledger’s planned push into US public markets.
Ledger is preparing for a potential U.S. initial public offering (IPO) that could value the company at more than $4 billion, according to people familiar with the matter.
The French crypto hardware wallet maker has engaged Goldman Sachs, Jefferies, and Barclays to advise on a U.S. listing. The people said a New York float could follow as soon as 2026.
Ledger’s US IPO plan targets New York
Ledger, founded in Paris in 2014, markets itself as a consumer security brand in crypto custody. Ledger sells USB-like hardware wallets that keep private keys offline in cold storage, including Nano devices that connect to phones and computers. A report by the Financial Times said the company is preparing a U.S. listing that could value it above $4 billion. However, the timetable remains subject to change.
The report also noted Ledger last carried a valuation of roughly $1.5 billion in 2023 following a fundraising round that included True Global Ventures and 10T Holdings. Chief Executive Officer Pascal Gauthier has also framed New York as central to crypto financing. In addition, the report said Ledger generated “triple-digit millions” in revenue in 2025.
Ledger security record and Nano X issues
Ledger’s public-market push arrives with attention on its security history. In a December 2020 update, the CEO said attackers stole about 1 million email addresses and 9,532 records with detailed personal data.
In early January 2026, Ledger said unauthorized access hit systems run by its e-commerce partner Global-e. The company said the incident exposed limited customer order and contact details. Ledger said the incident did not compromise wallets, devices, or recovery phrases. Still, the company warned users about phishing attempts tied to leaked purchase data.
Product reliability has also drawn attention from customers. Ledger’s support guidance addresses Ledger Nano X battery issues and outlines “battery conditioning” steps. Ledger has also added fees in parts of its ecosystem. Its Ledger Multisig documentation lists a $10 fixed fee for most transactions. It also lists a 0.05% variable fee for certain Ethereum transfers, on top of network fees.
The company links that push to Clear Signing, which it describes as readable transaction details before approval. Meanwhile, Chainalysis estimated scammers and fraudsters stole $17 billion in 2025, up from $13 billion in 2024. The Federal Bureau of Investigation said North Korea stole about $1.5 billion in virtual assets from Bybit on or about February 21, 2025. The FBI said it calls that activity “TraderTraitor.”
Wall Street banks line up as crypto listings regain traction
Ledger’s IPO planning comes as the sector tests public markets again. Recent deals have given bankers fresh reference points for pricing. Crypto custody firm BitGo debuted on the New York Stock Exchange on January 22, 2026, under the ticker BTGO. It priced its IPO at $18 per share and opened at $22.43.
Related: BitGo Prices IPO Above Range, Values Firm at $2.08 Billion
Reportedly, BitGo and selling shareholders raised about $212.8 million. Furthermore, BitGo’s debut valuation was about $2.59 billion after the early jump. BitGo’s shares later slipped back and closed at $18.49, according to market reporting.
In addition, the report highlighted that Ledger’s plans pointed to a broader pipeline. It said firms such as Circle, Gemini, Bullish, Grayscale, and Kraken have pursued or explored U.S. listings. Ledger has not announced IPO terms or a filing date. Consequently, investors will watch for disclosures that clarify timing, structure, and security commitments as a public issuer.
