French hardware wallet maker Ledger is preparing for a potential public debut in the United States, as crypto-native infrastructure firms increasingly turn toward U.S. capital markets.
According to reporting from the Financial Times, Ledger has begun working with major investment banks to assess an Initial Public Offering in New York. If completed, the listing could value the company at more than $4 billion, a sharp step up from its $1.5 billion private valuation in 2023.
IPO Preparation and Strategic Focus
Ledger has reportedly hired Goldman Sachs, Barclays, and Jefferies as advisors to explore the transaction. While no final decision has been made, sources indicate the IPO could take place as early as late 2026.
As an alternative, the company is also considering a large private funding round, depending on market conditions and investor appetite.
CEO Pascal Gauthier has openly pointed to the United States as the logical venue for a listing, noting that around 40% of Ledger’s revenue already comes from U.S. customers. He has emphasized that current crypto-focused capital formation is increasingly concentrated in New York.
Revenue Momentum and Market Tailwinds
Ledger’s IPO exploration follows a record year in 2025, when the company’s annual revenue crossed into the triple-digit millions, exceeding $100 million.
Several factors have contributed to that growth:
- Escalating crypto theft, estimated at $17 billion in losses during 2025, has accelerated demand for self-custody solutions.
- Ledger now secures more than $100 billion in digital assets on behalf of users.
- The company has sold over 7 million hardware wallets globally, cementing its role as a core player in crypto security infrastructure.
As institutional and retail investors increasingly prioritize custody risk, Ledger’s business model has benefited from a shift away from centralized exchanges toward personal asset control.
Part of a Broader Crypto IPO Cycle
Ledger’s potential listing comes amid a broader crypto infrastructure IPO wave shaping up for 2026. The trend gained momentum earlier this year with the successful NYSE debut of BitGo.
Other major crypto-native firms widely viewed as IPO candidates include Kraken, Consensys, and Bithumb.
If Ledger proceeds, it would further reinforce New York’s position as the primary public-market gateway for mature crypto infrastructure companies, particularly those focused on custody, compliance, and long-term institutional adoption.
Ledger’s IPO discussions signal how rapidly crypto security has evolved from a niche concern into a multibillion-dollar cornerstone of the digital asset ecosystem.
